LINE, the Tokyo-based tech conglomerate famous for its messaging app and its corresponding merchandise, officially launched BITBOX, its very own cryptocurrency exchange. Surprisingly, the cryptocurrency exchange will be based out of Singapore.
BITBOX will offer trade for up to 30 different cryptocurrencies. Bitcoin, Ethereum, and Litecoin are just some of the major cryptocurrencies that will be traded on LINE’s new platform. Also, all trades will be charged with a 0.1% trading fee.
LINE has made it clear that BITBOX will not handle fiat money; a currency that holds no intrinsic or use value, but has been established as money through government regulation. It will only cover token-to-token trading, and will be offered in 15 different languages for international users, except for the US and Japan.
In conjunction with the launch, the first two million customers that register with BITBOX will receive an equivalent of US$10 (RM40) in cryptocurrency in August. That currency can then be used to trade on the exchange, and trading fees will be waived for the first month of BITBOX operations.
Line has over 200 million monthly active users on its messaging app, and this isn’t the first time that Line has expanded its business ventures. On that note, cryptocurrency trading has been on the rise, ever since the value of Bitcoin experienced a surge during the later part of 2017. At the time of writing, the value of one Bitcoin sits between an average of RM25000 and RM27000. No surprise then that LINE would want a piece of the crypto-pie.