Japanese messaging app giant LINE announced Tuesday that its new cryptocurrency exchange Bitmax is now open for live trading. In a company statement announcing the news, LINE confirmed that the service will initially be available on Android mobile devices and available to all Japanese residents with LINE accounts.
Bitmax users will be able to access the exchange through the LINE app’s wallet tab, and trading options will include Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple. The company also noted that Bitmax “links with LINE Pay service, allowing for fast deposits and withdrawals in yen.”
LINE’s Bitmax exchange is being operated by its subsidiary, LVC Corporation, which received regulatory approval for its cryptocurrency exchange operations earlier this month. The company noted that Bitmax is a different entity than its Bitbox exchange, which is based in Singapore and offers cryptocurrency exchange services to a worldwide audience, excluding the United States and Japan.
The statement described the company’s vision for its new exchanges:
Having anticipated Fintech's changing user needs and technological background, LINE (through LINE Tech Plus) launched the BITBOX cryptocurrency exchange globally last year. This time around, the company has completed registration as a cryptocurrency exchanger in Japan and launched the BITMAX exchange for the domestic market.
While numerous existing exchanges already have a large customer base, LINE sees cryptocurrency exchanges as still in their infancy, and believes the industry has potential for even greater growth. Along with the various services offered on the LINE app (currently used by 81 million users in Japan and a total of 164 million users across LINE's four key markets), the company has been one of the heaviest investors among Japan's internet businesses into security measures. This approach has extended to BITMAX, offering users a reliable and stable service that prioritizes security and safety above all else.