Line’s Cryptocurrency Exchange BITBOX Launched in Singapore
LINE, the Japanese mobile giant has officially launched its cryptocurrency exchange BitBox in Singapore. The exchange launched on Tuesday will only support cryptocurrency pairs. About 30 cryptocurrencies including bitcoin, ethereum and litecoin are available for trading.
The coins were subjected to a rigorous screening process according to the exchange. Other coins will undergo a similar process.
“LINE has built its reputation on providing a great social experience for our users, and now we intend to bring that know-how to the world of digital tokens with our BITBOX exchange,” LINE CEO Takeshi Idezawa said.
The services will however not be available in the USA and Japan, LINE’s home base. The company has however made an application for a license with the Financial Services Agency. Japan has a strict regulatory framework regarding cryptocurencies.
Security at the centre
And in a sign that LINE is taking the security of its customers’ funds seriously, LINE has partnered with BitGo, a multisig wallet provider. BitGo has a three key Bitcoin wallet to protect against a single point of failure.
“Multi-signature, three-key management removes any single point of failure, and advanced security configurations ensure that assets are secure as they move in and out of the wallet,” BITBOX says.
The BitGo wallet pairs seamlessly with BitGo’s cold storage custody making asset transfer simple and secure, it adds.
BITBOX emphasizes a user-centered experience and first-rate customer support, as well as the highest levels of security and transparency, the company said in a statement.
“With BITBOX, we intend to have an exchange that is easier to use, while also ensuring we provide extremely strong levels of security,” CEO Takeshi Idezawa said.
LINE is also enticing new customers with zero trading fees over the next one month. The first two million customers to register also stand to get $10 in rewards for trading within the exchange.
BitBox is now available in 15 languages including English, Korean and Chinese.
Popular messaging app
LINE operates a popular messaging app similar to WhatApp or Facebook messenger predominantly in Asia.
A mobile money transfer and payment service called LinePay is also integrated into the messaging app. The company boasted of reaching a milestone of 10 million registered users in February 2017.
The growing popularity of other messaging apps like WhatApp is however threatening its base hence the diversification into other areas in the fintech space.
The exchange will be operated by Line Tech Plus, a Singapore based subsidiary.