Line, one of the most popular instant messengers in Asia, launched the Bitbox crypto exchange in Singapore. Trading on the platform started this Monday and is limited to pairs with cryptocurrencies.
Bitbox supports 28 cryptocurrencies, including the most popular ones. Coins are grouped into 54 pairs with BTC, ETH and USDT. At the moment Bitbox trades exclusively with digital tokens. The fiat currencies (USD, KRW, etc.) are not exchanged on the platform, Bitbox representatives explained.
The company assures that with the help of cryptocurrency it will try to expand its presence in the financial sector at the global level. Also, Line’s management explains its decision to open a crypto exchange with an increased interest from investors and a good opportunity to expand its business.
Why it is important
- In the beginning of the year, Line Group applied for a license to the Japan Financial Services Agency. However, the resolution on the trade could not be obtained. Japan tightened the requirements for crypto trading platforms after the cracking of the Coincheck exchange. Now all the crypto exchanges wishing to provide services in the Japanese market, are required to obtain permission from the local regulator.
- Currently, Line is also in the process of obtaining the U.S. license. The company decided to open its first trading platform for cryptocurrencies in Singapore, as this city-state adheres to a progressive approach to the regulation of the digital currency sphere.
By Ekaterina Ulyanova