Japanese messaging giant Line on Tuesday launched its much-anticipated crypto exchange BitMax in Japan.
This came only weeks after LVC Corporation, Line’s blockchain arm, received a license from the Financial Services Agency (FSA) to operate a digital currency exchange in the country.
The official announcement detailed that the exchange will be available to its 81 million user base in Japan who can access it through the wallet tab in the Line mobile app. According to the company, this simple procedure to buy and sell digital currency will bring it closer to beginner-level traders.
As announced earlier, the new exchange will offer trading services with five cryptocurrencies – Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH), and Litecoin (LTC).
Offering crypto trading exchange in every country
The messaging giant already operates another digital currency exchange called BitBox based out of Singapore. Launched in July 2018, it offers crypto-to-crypto trading services to almost all the countries in the world except Japan and the United States due to licensing issues.
The new exchange will not charge a trading fee for the execution of trades. However, it clarified that it would make profits from spreads – the difference between buying and selling price of the digital assets.
Mentioning the eligibility of the traders, it detailed that Japanese residents between the ages of 20 and 74 years will be allowed to open an account on the crypto exchange. In addition, the onboarding process for existing Line Pay users will be easier as they will not require to go through the rigorous KYC process.
Apart from Line, Japanese internet giant Rakuten also launched a crypto exchange in Japan last month. Available only to mobile users, the exchange-listed three digital currencies on its exchange.
Meanwhile, with the recent permission to the LVC Corporation, 20 crypto exchanges are now registered under the Japanese regulator.