Giant messaging platform server, Line, has just released another cryptocurrency exchange platform, Bitmax. Here are some things you need to know about it.
Bitmax is not Bitbox, but it’s Line Japan’s anyway
Last year, Line has actually launch its first cryptocurrency exchange platform internationally. Bitbox, as it called, is now available in Asian countries such as Singapore, as well as U.S. It also launched its own currency, LINK, in similar period.
But only earlier this month that Line earned the license from Japanese government to launch its own exchange. Instead of having the same platform as the international server, Bitmax is more of the localized version of Bitbox.
Aimed to connects people with money safer, easier and faster
With 81 million monthly active users in the country, Line is easily the biggest messenger app in Japan. The growing cashless community of the country is the main target of Bitmax.
To make it even easier, users only need to enter its Line app and open the Bitmax tab from their phone. The registration is also easy and users can connect it with Line Pay feature, with transaction available under JPY1000.
So, users can easily purchase a currency, as well as cashing it. However, Line charges JPY108 when users for withdrawals.
Unfortunately, the company’s currency, LINK, is yet to make its listing on Bitmax. Now the currency only allows five types of cryptocurrencies. Including Bitcoin (BTC)–which has been experiencing a dive last week, Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), and Litecoin (LTC).
“In the Fintech domain, LINE is aiming to provide a highly convenient user experience by connecting people and money at the most comfortable distance,” stated the company in an announcement letter of Bitmax. “To that end, the company is taking on new challenges in business areas such as payments, investment, securities, insurance, household budgeting, and loans.”
Meanwhile, Line’s competitor, Kakao Corp. has just make the first listing for its cryptocurrency, KLAY.
