Japanese messaging giant Line launched its new crypto trading platform Bitmax on Sept. 17, Cointelegraph Japan reports.
FSA approval received
Following regulatory approval to operate a crypto exchange in early September, Line’s blockchain arm LVC Corporation officially introduced its newly launched crypto platform today.
In accordance with previous announcement, Bitmax will initially allow users to trade five major cryptocurrencies including Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH) and Litecoin (LTC).
Small transactions for newcomers
With exposure to 81 million users in Japan, Line now accepts deposits and withdrawals through its mobile payment service, Line Pay, while crypto trading service can be now accessed from Line Wallet, according to the announcement.
The newly launched Japanese exchange welcomes newcomers to crypto trading by allowing users to make small transactions of under 1,000 Japanese yen — worth around $9 at press time.
Bitmax vs Bitbox
As emphasized in the announcement, Bitmax is different from Line’s Singapore-based crypto exchange Bitbox, which operates globally, excluding Japan and the United States. Launched in July 2018, Bitbox is not accessible for Japanese traders due to Japan’s crypto exchange license requirements, as previously reported.
Line has actively embraced crypto and blockchain technology so far. In 2018, Line launched its native cryptocurrency called Link along with the token-based blockchain network Link Chain. In June 2019, Line Pay Corporation, Line’s financial services arm, teamed up with global payment giant Visa to collaborate on new blockchain and electronic payments solutions.