Japan's LINE launches crypto exchange platform Bitmax

Japan’s most popular messaging app LINE launched its new crypto trading platform Bitmax on Tuesday, after obtaining a cryptocurrency business license from the country’s Financial Services Agency (FSA).

Bitmax will initially offer crypto trading pairs with Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), and Ripple’s XRP, as per a press release.

Bitmax can be accessed from the Wallet tab on the LINE app, which has 81 million monthly active users in Japan alone. It also links with the LINE Pay Service, allowing for fast deposits and withdrawals in yen.

The new exchange also welcomes newcomers with LINE accounts and aged between 20 and 75 years old by allowing them to make small transactions of under 1,000 yen.

As underscored in the announcement, Bitmax is different from LINE’s Singapore-based crypto exchange BITBOX, which is now operating globally except Japan and the United States. Bitbox, which was launched in July last year, is not available to Japanese traders because of the country’s crypto exchange requirements.

LINE is keenly embraced cryptocurrency and blockchain technology. Last year, LINE also introduced LINK token and its first blockchain network, LINK Chain. BITBOX became the first exchange to list LINK and is the token’s only distributor.

Last June, LINE’s financial services arm Line Pay Corporation also partnered with global payment giant VISA to develop new blockchain and electronic payments solutions.

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