LINE the most used messaging app in Japan has officially launched a cryptocurrency exchange service for its 81 million users a few days after receiving regulatory approval.
They have 81 million monthly active users in Japan and 164 million globally.
BITMAX exchange integration
LINE announced on Tuesday that cryptocurrency exchange BITMAX is now live and users can now start trading with five crypto assets: Bitcoin (BTC), Ethereum (ETH), Ripple’s XRP, Bitcoin Cash (BCH), and Litecoin (LTC).
BITMAX services will be rolling on stages starting from 3 pm Japan time on Sept. 17 and will be available for Android devices for now. Users can now start trading cryptocurrencies after they pass the KYC process. After that they just need to go to the Wallet tab in the LINE app and tap the BITMAX icon.
Moreover, they have also integrated BITMAX to LINE Pay for an easier Japanese yet fiat on-ramp process.
BITMAX is available to Japanese residents with a LINE account. There are no fees for trading, however, there is a charge of 108 yen for deposits and withdrawals.
LINE operates the crypto exchange through LVC Corporation which is a subsidiary. They have also announced that they were given a cryptocurrency exchange license by Japan’s Financial Services Agency on Sept. 6.
The messaging app also said that they utilize a wallet developed by BitGo to segregate customer assets and store assets in a cold wallet, which is itself managed by a dedicated team.
LINE’s Singapore-based BITBOX will run separately from BITMAX new cryptocurrency service. The company’s Singapore-based subsidiary LINE Tech Plus PTE. LTD. has been operating the BITBOX cryptocurrency exchange since July 2018.