Instant messaging app Line announces the launch of a cryptocurrency exchange in Singapore

Instant messaging app Line announces the launch of a cryptocurrency exchange in Singapore

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Answer Instant messaging app Line announces the launch of a cryptocurrency exchange in Singapore

The Japanese company Line, the owner of the famous instant messaging application, announced its intention to launch a digital currency trading platform by the end of next month, as well as to send and receive virtual currencies through its own wallet. The new tool will be dedicated to trading many digital currencies, including Bitcoin, Litecoin and Ethereum.

The company announced today, Tuesday, that a platform dedicated to virtual currencies will be created and will be called Bitbox, which will allow users to send, sell and buy digital currencies among themselves.

The Japanese company announced that due to the changes in the markets and the rise in the use of virtual currencies such as Bitcoin and Litecoin, it is preparing to receive the new segment of users, according to safe controls and requirements.

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It will be available in 15 other languages. It is reported that the number of users of LINE is close to 200 million people who use the application on a monthly basis, and it is the most popular application in Asian countries.

The company stated that it will deal with more than 30 currencies such as Bitcoin, Ethereum and Litecoin, and these currencies will be determined based on the advice of experts and the success of these currencies within the local and global market and after repeated reviews from specialized committees, and the trading for the first month will be completely free and after that one value will be obtained percent of the trading value. This percentage is likely to decrease if large amounts are dealt with.

The company has only exempted Japanese citizens from using this technology due to government decisions that prohibit Japanese citizens from trading in the field of virtual currencies.

It is noteworthy that Japan’s advanced step in this field is a result of its ambition to invest more broadly in the financial services sector. Also, the company did not hesitate and announced that it would launch a mini-service called LINE PAY, which is dedicated to currency exchange, and it will be integrated with the normal messaging application. It is reported that the small platform was launched during In previous years, the amount of money sent through it amounted to more than four billion dollars.

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Thus, LINE will not be alone in this field and break into the world of digital currencies with the aim of competing with companies and financial institutions, but has been preceded by many companies, including Yahoo and Mitsubishi.

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