A popular Asia-based messaging application – Line, confirmed the upcoming launch of its digital currency trading platform, named BitBox.
The Launch Date of BitBox
Line, a social media application with more 200,000,000 users has confirmed its plans to open up a digital currency trading platform – BitBox, in Singapore in the month of July. For the time being, the trading platform will offer the trading of 30 digital currencies at a fee of 0.1 percent.
The Digital Currencies to Be Offered
Some of the digital currencies that will be offered include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). It’s highly speculative that the firm chose to base its operations in Singapore due to the digital currency friendly sentiment held in the Asian city-state.
Irrespective of the friendly regulatory sentiment, the trading platform said that it will not support fiat to digital currency trading, it will only support digital currency to digital currency trading. Because the trading platform will not support fiat to digital currency trading, it will be open globally, offering its services to customers all over the world except the US and Japan.
The company was not able to secure the adequate licensing offer digital currency trading services in Japan, as the Financial Services Agency of Japan has been imposing stronger and stricter rules on digital currency trading platforms.
After the recent hack of $550 million on one of the most popular digital currency trading platform – Coincheck, the Financial Services Agency deemed it necessary to impose stricter regulations to make sure that another hack will not take place again.
By excluding Japan from the area of operation of the digital currency trading platform, Line will miss out on a huge percentage of its customer base, as Line is very popular in Japan and it is one of the most used social media messaging application in the country.