LINE Corporation, a publicly listed company that runs Japan’s most prominent SNS services such the messaging service LINE, has announced that its Group subsidiary LVC Corporation which handles cryptocurrency and blockchain businesses will launch a domestic cryptocurrency exchange service called BITMAX in Japan on September 17 15:00 Japan time.
BITMAX can be accessed through the asset management tool LINE wallet within the LINE app, and will handle five different cryptocurrencies: Bitcoin, Ethereum, Ripple (XRP), Bitcoincash, and Litecoin. LINE is targeting cryptocurrency newcomers with features such as BITMAX’s easy accessibility from the LINE app and the ability to trade in small amounts, starting from the equivalent of 1000 yen.
Aside from adopting wallets offered by BitGo Inc. in the United States which have the highest global standards in technology for cryptocurrency, the exchange service will also introduce cold wallets (wallets to hold cryptocurrency are not connected to the internet) for wallet management security.
Furthermore, BITMAX will be linked to the mobile money transaction and payment service LINE Pay, making it possible to deposit and withdraw Japanese yen quickly. As LINE Pay already carries out identity confirmation measures, linking these services also streamlines the identity confirmation process for BITMAX.
A LINE Group company in Singapore, LINE TECH PLUS PTE. LTD, opened the global cryptocurrency exchange BITBOX developed as a LINE cryptocurrency exchange outside of Japan and the United States in July 2018. LVC Corporation became licensed as a cryptocurrency exchange operator on September 6 in accordance with Japan’s Payment Services Act, with the service set to launch within Japan soon after its licensing.
As a cryptocurrency exchange launched by LINE as one of Japan’s most widely used SNS services, BITMAX is gaining attention as an exchange that may further increase activity in cryptocurrency markets in Japan.
*This article was written by Fisco