The Shinjuku-based messaging provider, LINE has finally launched their cryptocurrency exchange service for the 80 million users that are present in Japan. They launched their new exchange, Bitmax on Tuesday which is working and can trade five crypto assets namely- Bitcoin(BTC), Ethereum(ETH), Ripple(XRP), Bitcoin Cash(BCH) and Litecoin(LTC).
The cryptocurrency exchange service was introduced for the Android users first, and it was accessed by the wallet tab that was available on the LINE mobile app, and it was also a part of LINE Pay which helped in more straightforward Yen fiat on-ramp process.
LINE gave the statistics of their user base explaining that the service is available for 81 million users in Japan and 164 million users globally. The crypto exchange operates through LVC corporation, which is a subsidiary, and a cryptocurrency exchange license was given to it by Japan’s Financial Services Agency on 6th September.
Bitmax is available for the residents of Japan who have a LINE account, and no additional fee is charged for trading except the charge of 108 yen that will be applied during deposits and withdrawals. LINE uses a wallet developed by Palo Alto-based BitGo, and the assets are stored in a cold wallet which is managed by a dedicated team.
KYC process has been used for registering new customers on the platforms. People will have to use an ID card and photographic capture along with a registered bank account and ID to become a customer. The company already has another operation named Bitbox, which is based in Singapore, and it is used since July 2018, and it will run separately from this project.