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LINE's Cryptocurrency exchange begins its global operations

LINE's Cryptocurrency exchange begins its global operations

Japan mobile giant LINE has launched operations of its Singapore-based cryptocurrency exchange BITBOX which will supporting 30 cryptocurrencies including Bitcoin.

Line confirmed on Tuesday and announced that its exchange would only support crypto-exclusive trading pairs.

It also asserted that no trading shall be offered between fiat currency and cryptocurrencies.

It supports around 30 cryptocurrencies including Bitcoin, Ripple, Bitcoin Cash and Litecoin, all of which went through an evaluation before getting listed on the exchange platform.

It was evaluated by the exchange's screening committee which is responsible for overseeing the digital token seeking s listing on the exchange.

Line's CEO, Takeshi Ideqzawa said, "We have built our reputation on providing a great social experience for users and now we wish to bring the know-how to the world of digital currencies with our BITBOX exchange."

The crypto-to-crypto exchange will be available for its global for all users.

It will be available in 15 languages globally, but Japan and United States would be excluded due to regulatory hurdles.

Japanese mobile giant LINE has over 600 million registered users and it boasts of having 200 million monthly active users worldwide.  Excluding Japan would impact BITBOX's growth adversely as LINE is country's largest market.

BITBOX will be offering zero trading fees for all listed coins in the first month of operations post-launch and it will be welcoming the first 2 million registered customers with ‘a reward equivalent to US$10 in August’ which will be tradable on the exchange.

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