Line Corporation, the Japanese internet company operating Asia's most popular messaging app, launched its cryptocurrency exchange platform, Bitbox, today. The Singapore-based Line Tech Plus runs the e
Line Corporation, the Japanese internet company operating Asia's most popular messaging app, launched its cryptocurrency exchange platform, Bitbox, today. The Singapore-based Line Tech Plus runs the exchange, which offers trading in 28 cryptocurrencies—Bitcoin, Ethereum, Bitcoin Cash, and Litecoin among them—in 15 languages. The platform is available to users worldwide except in Japan, the United States, and certain restricted regions.
Line's internal committee screened each cryptocurrency before approving it for the platform. The company positioned Bitbox as a trading venue prioritizing ease of use and strong security. "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," said Takeshi Idezawa, CEO of Line Corporation. "With Bitbox, we intend to have an exchange that is easier to use, while also ensuring we provide extremely strong levels of security."
Line implemented security and risk management procedures designed to protect user assets. The platform incorporates BitGo's multi-signature technology, an institutional-grade security system used by major cryptocurrency operators.
Line announced Bitbox at the Line Conference 2018 in Tokyo in June. Line Tech Plus, based in Singapore, operates under both LVC Corporation and Line Corporation.
The move fits within Line's broader expansion into financial services. Idezawa discussed the direction in June. "As a key part of Line's new financial services, Bitbox shows our commitment to fulfilling the growing demand for more diverse financial options," he said. "With Bitbox, Line users will be able to access cryptocurrencies more easily, while also being assured of state-of-art security measures to protect their assets."
Line Financial Corporation launched this January as a follow-up to Line Pay, the company's mobile payment service available since 2014. Line Pay has 40 million registered users and processes more than JPY 450 billion in transaction volume annually, equivalent to US$4.14 billion. The company intends to expand into lending and insurance as well.
