Sunday, 2024 July 21

Line launches BITBOX, a cryptocurrency exchange based in Singapore

Tokyo-listed tech conglomerate Line Corp. announced the launch of its cryptocurrency exchange BITBOX – based out of Singapore – in an official release. It will offer up to 30 crypto-tokens, with Bitcoin, Ethereum, and Litecoin among the major currencies that will be traded on the platform, which will charge 0.1% in trading fees.

BITBOX will not deal with fiat money and will only cover token-to-token trading, per a report by TechCrunch. It will be offered in 15 languages for international users, except the US and Japan.

Since 2017, the surge in Bitcoin’s value has seen more players entering the cryptocurrency space. US online investment brokerage Robinhood launched Robinhood Crypto, offers zero-cost cryptocurrency trades and permits users to trade Litecoin, Bitcoin Cash, and Ethereum. Binance, the world’s largest crypto exchange by 24-hour trading volume, has also started a $1 billion fund to invest into blockchain and crypto startups.

Line, with roughly up to 200 million monthly active users to-date, has expanded into other services from taxis on-demand, music streaming, mobile payment and now even to cryptocurrency in its bid to compete with Facebook, the world’s most popular messaging app, with over two billion monthly users for its WhatsApp and Messenger services combined.

Having built its reputation on providing a good social experience for their users, Line Corporation’ CEO Takeshi Idezawa said, ” With BITBOX, we intend to have an exchange that is easy to use, while also ensuring we provide an extremely strong level of security’.’

BitGo, a major player in institutional-grade cryptocurrency security has partnered with Line to offer an institutional grade and multi-coin wallet that removes any single point of failure, ensuring the security of one’s assets. This translates to users being able to enjoy the high levels of security major institutions employ to secure their assets and trade different cryptocurrencies.

The first 2 million customers who register at BITBOX will receive an equivalent of US$10 in August that can be used for trading on the exchange, with trading fees to be waived for registered users for the first month of BITBOX operations.

The exclusion of Japan, Line’s domestic market could be rooted in regulatory issues; Binance moved to Malta following a regulatory clampdown in Japan. Singapore has seen its appeal grow following a recent regulatory revamp meant to attract more crypto-exchanges to establish themselves in the city-state.

Editor: Shiwen Yap


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