Line-Backed Cryptocurrency Exchange BitBox Goes Live
Messaging app Line officially launched its cryptocurrency exchange – BitBox in Singapore. BitBox is a crypto-to-crypto trading platform that currently supports 30 cryptocurrencies including, Bitcoin, Ethereum, Litecoin and Bitcoin Cash. Since the exchange is purely crypto-to-crypto, it will probably be subject to less scrutiny, as compared to its fiat-to-crypto counterparts.
Better Late Than Never
In the past, the messaging app Line had promised many projects in the blockchain space. However, not many of them saw the light of the day. There was a fair amount of apprehension (with good reason) among the cryptocurrency community when last month Line said they were set to launch an exchange.
According to the official press release, Bitbox announced that the first 2 million people to register on the platform would receive a reward that is equal to the value of $10 which can be used to buy cryptocurrencies. The new users will also be entitled to a zero-trading fee.
The exchange supports 15 international languages, which include, English, Chinese and Korean. BitBox will be accessible to users from across the world, barring Japan and the United States only.
Earlier the company had announced the launch of a blockchain Lab, but so far there has been no word on the progress of the project.
In May 2018, a representative from Line had tweeted:
BitBox Partners With BitGo for Higher Security and Transparency
Transparency and security play a pivotal role in the crypto verse. Recent hacks of crypto exchanges, Binance and Coinrail, have highlighted that modern security infrastructure is required to secure users digital assets. To ensure the safety of users’ crypto assets, BitBox is collaborating with BitGo, a multi-signatory wallet service.
BitGo CEO Mike Belshe said:
“Line and BitGo are both leaders in our industry and this partnership with BitBox is an important step in bringing institutional investors the security, compliance, and custodial solutions they need. LINE has an established history of success in the global market. Together BITBOX and BitGo are committed to providing the most secure and reliable user experience in the digital token ecosystem.”
Line is the latest in the range of various social media platforms to launch a cryptocurrency-based project. Earlier, another messaging app Kik had released its token, Kin. Recently, internet browser Opera also announced that to add a built-in cryptocurrency wallet in its new version.