Line social network will offer cryptocurrency trading services

Japan’s social network Line has announced it will provide cryptocurrency trading services in its home country. The company has obtained approval from the Japan Virtual Coin Exchange Association to provide this service from April 2020.

Line launched its own cryptocurrency called Link in 2018, but Japanese law has not allowed it to trade in Japan and the US.

Since then, the company has launched its own crypto exchange called BITBOX, available internationally with the exception of Japan and the US. The exchange is ranked 120th according to CoinMarketCap. The vast majority of the $ 7.6 million daily trading volume of the platform was made up of Bitcoin and Ethereum.

Last year, Line launched another exchange in Japan called Bitmax, which is integrated into the company’s messaging application. On Bitmax, users can trade Bitcoin, Ethereum, XRP, Bitcoin Cash and Litecoin.

Line social network just like Telegram and Facebook

The messaging app has over 81 million users in Japan and 700 million internationally.

So far, the company has not provided concrete details about the new services.

However, its approach to integrating cryptocurrencies is part of the general trend of social networks.

Both Telegram and Facebook are actively trying to launch their own coins. Both projects had difficulties with the authorities. The Russian social network has managed to raise over a billion dollars for its cryptocurrency, but the launch has been delayed. US authorities have blocked the distribution of GRAM tokens on the grounds that they are illegally sold securities.

Facebook’s Libra project had several problems as well. The pressures of the authorities led a number of founders to leave the Libra association. In addition, governments in many countries have expressed opposition to the project. At present, it is unclear when and if Libra stable cryptocurrency will be released.