Line opens crypto exchange in Singapore

Posted 16 July, 2018

The Asian messenger Line has inaugurated Singapore-based crypto trading platform – Bitbox. The company announced the plans for the new exchange back in June.

According to the news reports, the platform will trade 28 digital coins (in particular, Bitcoin, Ethereum, Tether, Ripple, Litecoin, Ethereum Classic, Bitcoin Cash, etc), which will be divided into 54 pairs with BTC, ETH and USDT.

"Bitbox is only for trading cryptocurrencies. Fiat currencies (USD, KRW, etc.) cannot be exchanged on Bitbox,” the company website reads.

Notably, some countries (the USA, Japan, Russia, Belarus and African countries) will have no access to the exchange. At the same time, Line submitted the certification application to Japan Financial Service Agency early in 2018. However, the licensing took more time than expected, taking into account the Coincheck hack this year. For reference, every exchange that wants to offer crypto trading services in Japan has to pass certification. In addition, the company also intends to get a license for a business in the USA.

As commented Line's CEO:

“With cryptocurrency, we are going to take our challenge in financial services globally.”

It is worth mentioning that earlier the market for cryptos spread the rumours that the company wanted to launch its own token via ICO. Nevertheless, Line denied such speculations.

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16 July, 2018 16:21

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