Line Blockchain-focused Arm Obtained Operation License in Japan For New Crypto Exchange

By Shannon Wilson | September 8, 2019

LVC Corporation – the subsidiary firm that dives deep into blockchain and crypto assets of major Japan-based messaging app Line – was reportedly able to secure a license to operate a crypto exchange in the region. 

As reported by Cointelegraph Japan on September 6, LVC Corp-developed trading marketplace – named BITMAX – will provide facilitation for nearly 80 million Line customers in Japan, regarding crypto-based transactions. 

As revealed by CT Japan, the following crypto coins have been approved to be available on the new trading platform: Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC) and XRP. 

As statistically inferred from a report revealed by Line, the number of customers registered on Line’s platform reached 187 million worldwide on a monthly basis. As for its mobile payment service – Line pay – the number of users stands at 50 million. 

In July last year, Line has introduced a crypto exchange platform called BITBOX – headquartered in Singapore, with a goal to offer services to users on a global scale. Line will be making modifications to BITBOX’ system, in order to incorporate it to its newly authorized platform BITMAX. 

Due to the regulations concerning the establishment and operation of a crypto exchange platform in the Japan region – which have been effective since the the changes to the nation’s Payment Services Act took place 2 years ago – Japan-based clients will not be able to use services offered by BITBOX.

Tags: , ,

Related Articles