Japanese messaging behemoth Line, which has over five hundred million installs on Play Store, is set to open a new cryptocurrency exchange in Singapore to service the worldwide market excluding the U.S.A and Japan.
Bitbox & Line’s Blockchain Ambitions
Announcing the launch of the exchange, Line-backed “BitBox” is set to open in July of this year, initially handling a list of over thirty cryptocurrencies.
We earlier reported Line has recently made a series of efforts to segue into blockchain and crypto-related activities, opening a South Korean blockchain platform and creating its blockchain to support dApps.
Bitbox will offer users trading services for more than thirty of the most popular cryptocurrencies by market volume. Included on the list of supported digital coins are bitcoin, ether, bitcoin cash and litecoin among others. The Bitbox web platform will be available to users around the world in 15 different languages.
Bitbox intends to sustain its operations by charging a transaction fee of 0.1%, a continuation of a trend in cryptocurrency to substantially undercut the trading as well as transaction fees available from conventional finance platforms.
The continued venture into the cryptocurrency space by Japan’s biggest messaging service might be surprising to some, however according to Line Co. C.E.O Takeshi Idezawa, Line Messenger’s long-term goals are served well by partnering with blockchain-based solutions. In his personal opinion, blockchain tech offers the ideal opportunity to tie together the various offerings served to users by Line including media, entertainment, and commerce.
A strategic goal of Line is to reduce its dependence on advertising income by expanding into the burgeoning blockchain financial services’ sector.