The LINE Corporation group announced that next July it will launch its own cryptocurrencies exchange house, called BitBOX. This new venture by the Japanese communications and messaging company will have a global reach, although it will not operate for the Japanese or U.S. markets.
As reported on the LINE website, BITBOX will be able to handle 30 or more cryptocurrencies, including the most popular ones such as bitcoin (BTC), ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC), among others. In addition, users will be able to access the platform in 15 different languages.
The communiqué clarified that, for the time being, it does not plan to carry out operations of exchange of cryptocurrencies with fiduciary currency. In addition, during the first month of operation the platform will not charge any commission to clients.
BitBox was established in Singapore, under the legal form of LINE Tech Plus PTE, which will be responsible for the operations of the cryptoactive exchange house. Also involved in its launch was the LVC Corporation, a subsidiary of LINE, which is in charge of operating the cryptomoney and blockchain businesses for the group.
LINE was already making progress in incorporating blockchain technology into its operations. Last April, through LINE Plus, another of its partner companies, launched Unlock, a research and development initiative aimed at creating blockchain projects with applicability in different areas of interest to the group. Later, in May, it was announced that LINE Plus will rely on ICON’s blockchain network to develop its own decentralized applications (Dapps).
The initiative to create its own cryptocurrency exchange house had already been disseminated by LINE in January this year, when it announced the creation of LINE Financial as a follow-up to its mobile money service, LINE Pay. At that time they pointed out that the goal was to link the application’s financial services, so that customers could make use of a variety of currencies, including kryptonite.
LINE became known as a messaging application in 2011, following the earthquake in Japan, which highlighted the need for a global communication tool in the Asian nation.