It feels like a very long time ago that we reported on instant messaging service ‘Line’ moving to create their own cryptocurrency exchange, now however we finally have more news about the roll out and future prospects of the exchange.
Line is a Japan based messaging application and host the team behind the production of BITBOX, the new exchange. Notably though, BITBOX will not be available in Japan, or the United States for that matter, due to tightening regulations that would no doubt make the BITBOX project far more complicated than it needs to be, upon its initial rollout at least.
According to The Next Web:
“The cryptocurrency exchange will serve as the flagship platform of the company’s new division, the Line Financial Corporation. The last official Line service to launch was Line Pay, which has grown to over 40 million registered users. Its global transaction volume has hit $4.1 billion since opening in 2014.”
“All eyes will surely be on the effectiveness of their large scale storage solutions. After all, it was the hack of fellow Japan-native Coincheck – still the world’s biggest theft – that kickstarted the wave of government crackdowns responsible for the ironic exclusion of Line’s primary market in today’s launch.”
See more for yourself, here.
Whether or not BITBOX survives will be down to how the exchange stands up to attacks and hacks. If customers believe they are at risk through trading on BITBOX, they won’t use it, it’s as simple as that. If BITBOX however proves to be tough to crack, its resilience will ensure that BITBOX can build a healthy customer base which will go on to guarantee healthy trading volumes and build a positive reputation for BITBOX.
We do expect that once the exchange is live, comfortable and has time to build up a reputation, they will expand operations into Japan and the United States, assuming that they are able to meet the specific requirements of local and national authorities, such as the Financial Services Agency. Ultimately, it would wrong for BITBOX not to expand into these territories given the popularity of cryptocurrency in Japan and the United States. Also, not forgetting the heritage of BITBOX and its close connection to Line in Japan.