By CCN Markets: Line, the most widely utilized messaging application in Japan with more than 80 million users is set to receive approval from Japan’s Financial Services Agency as early as June to launch a crypto exchange, according to a Bloomberg report.
In July 2018, Line launched a crypto exchange called “BITBOX” in Singapore with the intent of integrating LINK, the Line ecosystem’s native crypto asset.
BitMax, Line’s new crypto exchange awaiting for an approval from local financial authorities, will launch in Japan to facilitate trades for local users. BITBOX has disallowed Japanese users from trading since its launch.
Line up: Conglomerates are diving head first into crypto
In 2019, many of the world’s largest financial institutions, technology conglomerates, and corporations from a wide range of industries have introduced various plans to enter the crypto market.
Most recently, Facebook led the launch of the Libra Association, a consortium of major companies in the likes of Visa, Mastercard, Uber, Lyft, and Booking Holdings to create a crypto asset backed by a reserve of real assets such as reserve currencies called Libra.
The planned launch of BitMax in Japan by Line presents the release of yet another initiative from a large-scale conglomerate to facilitate the growth of the crypto and blockchain sector.
When BITBOX initially launched last year, Line CEO Takeshi Idezawa said:
LINE has built its reputation on providing a great social experience for our users, and now we intend to bring that know-how to the world of digital tokens with our BITBOX exchange.