LINE launches Bitmax cryptocurrency exchange in Japan

The operator of the large messaging application LINE has launched the Bitmax cryptocurrency exchange for 80 million of its customers in Japan.

The company said that the Bitmax exchange supports trading in five cryptocurrencies: BTC, ETH, XRP, BCH and LTC. The service began work on Tuesday from 15.00 Japanese time and was first available on Android devices. Now access to the service can be obtained through the wallet tab in the LINE mobile application. In addition, it is integrated with LINE Pay to simplify the process of depositing Japanese yen into the account.

According to the company, the LINE app currently has 81 million active users in Japan. The company manages the cryptocurrency exchange through the LVC Corporation, a subsidiary which, in September, the Japan Financial Services Agency (FSA) granted a license to manage the cryptocurrency exchange.

Bitmax services are available for 80 million LINE customers in Japan. There is no fee for trading, although there is a commission for deposits and withdrawals. The company said it uses a BitGo-designed wallet to separate customers’ assets and store them in a cold wallet, which is managed by a dedicated team.

New LINE customers will have to pass the KYC test. Applicants can register their account in the application using an identity card and a photograph or a registered bank account. The new service will work regardless of the Singapore-based Bitbox exchange, which LINE launched in July 2018.