Line Gaining Crypto Exchange License

September 9, 2019 | Monday

Cryptocurrency

   

LVC Corporation, the digital asset, and blockchain-focused arm of Japanese messaging giant Line has acquired a crypto exchange operating license from the financial regulator of Japan. Previously, LVC Corp.'s trading platform, dubbed as BITMAX, will allow the 80 million users of Line in Japan to buy and sell multiple major cryptocurrencies. As of now, FSA authorized Japan in the trading of Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Litecoin (LTC), and XRP on the platform.

Recently, Line counts 187 million global users monthly. And it has an estimation of 50 million users registered its mobile payment service, Line Pay. Aside from that, Line had launched in July 2018 the Singapore-based, global user-focused crypto exchange BITBOX. And according to a report, it will repurpose the platform's back-end infrastructure for its Japanese FSA-approved platform BITMAX. Before, BITMAX is not accessible for Japanese traders due to Japan's crypto exchange license requirements. And this was in force since the amendment of country's Payment Services Act in April 2017.

Native Token of Line

Meanwhile, Line launched its native cryptocurrency in late summer 2018. And since then, it has continued to improve its token ecosystem based on its service-oriented blockchain, Link Chain. Also, the blockchain network lets decentralized applications to apply directly to the messaging platform of Line.

In October 2018, Link became listed on BITBOX. In the previous reports, it showed that BITMAX would support Link trades. But CT Japan has not yet indicated if the FSA officially authorized the token in its file of approved cryptocurrencies for the forthcoming platform. Furthermore, Line partnered with American payment services firm Visa on new blockchain and digital payments solutions.

LG Develops Blockchain Phone.

Elsewhere, LG, a South Korean electronics giant, is currently working with blockchain developers to start a rival to Samsung's Klaytn blockchain smartphone. According to an industry insider, LG already talked with local decentralized application developers. And it had worked out a use case for its future product.

   

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