Messaging app LINE has officially launched a cryptocurrency exchange service for its 80 million users based in Japan, days after the platform received final regulatory approval.
The Shinjuku-based messaging provider, which is 73.36-percent owned by South Korea’s Naver, said in a statement on Tuesday that the new exchange, dubbed Bitmax, is now live with trading of five crypto assets: bitcoin (BTC), ethereum (ETH), ripple (XRP), bitcoin cash (BCH) and litecoin (LTC).
According to the statement, the service was introduced in stages from 3 p.m. Japan time on Tuesday and is available first on Android devices. It can be accessed via the wallet tab on the LINE mobile app and is also integrated with LINE Pay to provide an easier Japanese yen fiat on-ramp process.
LINE said in the announcement it currently has 81 million monthly active users in Japan and 164 million globally. It operates the crypto exchange through LVC Corporation, a subsidiary, which was awarded a cryptocurrency exchange license by Japan’s Financial Services Agency on Sept. 6.
BITMAX is available to residents of Japan with a LINE account. No fees are charged for trading, though a charge of 108 yen will be applied for deposits and withdrawals.
In terms of security, LINE said it utilizes a wallet developed by Palo Alto-based BitGo to segregate customer assets and store assets in a cold wallet, which is itself managed by a dedicated team.
A strict KYC process is in place for new customers. Applicants can register their account with the app using an ID card and photographic capture, with a registered bank account and an ID or by mail.
The new service will run separately from the company’s Singapore-based Bitbox, which has been in operation since July 2018 but excludes residents of Japan and the U.S.Jinhee Lee, Chief Innovation & Product Officer, at LINE’s unblock corp via CoinDesk archives
Liquid, a second layer tech for bitcoin created by Blockstream, just onboarded another crypto partner.
The sidechain for faster BTC payments now has around 30 members, including Bitfinex, BITMex, OKCoin, and other exchanges, with the total of $900,000 moving around on the network, Blockstream’s chief strategy officer Samson Mow told CoinDesk.
Now Canadian bitcoin exchange Bull Bitcoin is joining the platform. The new partnership will allow the users of Bull Bitcoin to interact with other exchanges on the network.
Tentatively scheduled on the early 2020, the integration of Liquid tech into Bull Bitcoin’s operations will require some effort from the exchange’s tech team, Bull Bitcoin CEO Francis Pouliot said.
“We’re making sure we have this backup layer. We want to make sure bitcoin succeeds, and this is our way to participate in strengthening the network,” Pouliot told CoinDesk.
As a part of the partnership, Bull Bitcoin is going to issue its own asset on the Liquid network: Canadian dollar-pegged token dubbed L-CAD, which is supposed to be used as the exchange’s voucher for buying bitcoin.
The popular inter-exchange settlement network, Liquid has collaborated with Canada-based bitcoin exchange, Bull Bitcoin turning its member score to nearly 30.
Based on the reports concerning the Bull Bitcoin partnership with Liquid Exchange Network, the investors using the Bull Bitcoin platform will now be open for interaction and communication with other popular exchange networks on Liquid’s sidechain.
The integration is tentatively scheduled to take place in the early phase of 2020. Bull Bitcoin CEO, Francis Pouliot stated that the collaboration would need some inputs from the technology arm of the exchange for the successful integration.
Bitcoin.com has announced it will launch a crypto exchange called Exchange.Bitcoin.com.
Price of BCH last 30 days via CoinDesk data.
This is the latest addition to a suite of products Bitcoin.com provides beyond their news service. The company has also developed a crypto casino, a wallet, and a P2P bitcoin cashexchange, aimed at furthering the utility of the forked alternative to bitcoin.
“While our company thinks the bitcoin cash network will be adopted by the masses worldwide, we also think it’s important to promote free markets and choice,” the company said in a statement.
Expected to launch in early September, the exchange will list many of the largest capitalized coins including bitcoin, ethereum, and litecoin. Additionally, it plans to offer around 50 trading pairs, as well as Simple Ledger Protocol (SLP) tokens tied to the BCH blockchain.
Former CEO and proponent of bitcoin cash Roger Ver said:
“We’re on the cusp of something very exciting with SLP tokens — It’s the beginning of a world where we can tokenize anything and, as people realize the potential this holds, they’re going to start demanding a place to trade their tokens.”