Line, in collaboration with its cryptocurrency and blockchain subsidiary LVC, announced last week the establishment of Bitbox, a global cryptocurrency exchange platform. Operating under Line Tech Plus PTE (based in Singapore), Bitbox will debut in July, catering to international markets while excluding Japan and the U.S. due to regulatory complexities.
Bitbox Features and Offerings
- Supported Cryptocurrencies: Over 30 major coins, including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).
- Language Support: 15 languages to accommodate diverse users.
- Trading Model: Exclusively crypto-to-crypto transactions; no fiat currency conversions.
- Launch Promotion: Zero transaction fees for the first month.
Why Japan and the U.S. Are Excluded
Line cites stringent regulations in these markets, particularly after Japan’s Coincheck hack in January 2018, which resulted in a $154 million loss of XEM tokens. This incident prompted Japan’s Financial Services Agency (FSA) to enforce rigorous security audits across all domestic exchanges.
👉 Explore Bitbox’s global cryptocurrency trading platform
Independent Operation Strategy
Despite Line’s 200 million-user base across Japan, Taiwan, and Thailand, Bitbox will function as a standalone entity with its own mobile app. This separation ensures focused development and compliance adherence.
Future Plans: Line’s Proprietary Cryptocurrency
Bloomberg reports suggest Line is exploring an in-house cryptocurrency for:
- User Rewards: Incentivizing engagement.
- Third-Party Integration: Facilitating payments for partner services.
However, the launch timeline remains undisclosed.
FAQ Section
Q1: Which countries can access Bitbox?
Bitbox serves global markets except Japan and the U.S., where cryptocurrency regulations are highly restrictive.
Q2: What makes Bitbox unique?
It leverages Line’s tech infrastructure while operating independently, offering multilingual support and diverse crypto pairs without fiat involvement.
Q3: How does Bitbox ensure security?
While specifics aren’t public, it inherits Line’s robust security protocols and complies with international standards post-Coincheck hack.
Q4: Will Bitbox add fiat trading later?
No official plans yet, but market demand may influence future updates.
Q5: Is Line’s proposed cryptocurrency linked to Bitbox?
No. The in-house token is a separate initiative for user rewards and third-party services.