Famed Japan and US based messaging app, ‘Line’ is alleged to be building a brand new cryptocurrency exchange. At the moment, Line is only available to customers in the United States and Japan, however reports state that their new crypto exchange will not be available for use in these countries. This is as a result of Japan’s new and strict cryptocurrency exchange regulations and of course, uncertainty regarding such matters in the US too.
The exchange, will be named BITBOX and is set to go live in July. From the start, BITBOX will support the exchange of 30 different cryptocurrencies, although this portfolio will no doubt grow over time. For now, the only currencies actually linked with BITBOX are Bitcoin, Bitcoin Cash, Ethereum and Litecoin. We should expect other listings to include the top end of the cryptocurrency markets, so, there should be no surprises in seeing Ripple XRP, EOS, TRON et al. listed on the BITBOX exchange.
As a part of Line and their messaging service, Line also provide a mobile payments service called Line Pay, therefore, we are expecting that Line Pay will see some integration with BITBOX, perhaps within this, Line aim to integrate BITBOX and Line Pay to start providing cryptocurrency payments? According to The Next Web, Line have weighed in on speculation surrounding how Line and BITBOX may eventually integrate.
According to The Next Web, Line states:
“Line strives to create and provide innovative financial services unique to Line in order to close the distance between people and money. BITBOX only allows the exchange of cryptocurrencies, and does not accept exchange between fiat money and cryptocurrencies.”
It does seem that for now, they are keeping this very close to their chest.
You can see more from The Next Web, here- https://thenextweb.com/hardfork/2018/06/28/line-cryptocurrency-exchange-blockchain/
BITBOX will be available in 15 different languages and thus, we expect this to become an internationally renowned exchange. It is exciting because Line already have a huge customer base, within this there is no doubt that BITBOX will have access to some of these customers and thus, will reap the advantages of this. Often, many exchanges start very slowly, this is because there are already so many exchanges out there, why move to a new one?
BITBOX is different, yes, it might not provide any unique services straight away, but given the potential for a Line and Line Pay integration, we expect BITBOX to become a very big player in the exchange industry over time.
Keep your eyes on this one.