As per latest reports, LINE, one of the world’s leading messaging services, is launching its very own cryptocurrency exchange. However, what is surprising is that the new service will not be accessible to customers living in the US or Japan.
LINE has big Plans for Cryptocurrency
More competition in the world of cryptocurrency exchanges can only be considered to be a good thing. As more platforms emerge, there will be additional options for consumers to gain exposure to the various cryptocurrencies available in the market today. Although centralized trading platforms are a necessary evil, it seems as though the addition of LINE’s upcoming exchange may introduce a lot more people to cryptocurrencies moving forward.
The BitBox trading platform is expected to launch sometime this month but an exact release date has not been announced at this time.
Specifics of the platform
The new platform will support several different cryptocurrencies and tokens including all of the big names such as Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. However, what is a bit shocking is the fact that Bitbox will not be available for use within the United States or Japan.
This could be due to regulatory requirements in both countries, although officials from LINE have issued no further explanation in this regard. Considering how the LINE app is immensely popular in Japan, not offering the cryptocurrency trading feature in this country is rather unexpected.
Lastly, as of now, there is no indication of the platform supporting fiat currencies. Since LINE is only testing the waters in terms of cryptocurrency trading right now, it seems safe to assume Bitbox will receive some more functional updates as time progresses.
Final Thoughts
While the exclusion of the two most popular cryptocurrency trading regions might hinder the initial success for Bitbox, it does not mean that the product is fighting a losing battle. One has to commend LINE for taking this course of action, especially during a time at when most cryptocurrency markets have plummeted quite a bit.
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