Global cryptocurrency adaptation is steadily rising with various digital currencies launching in the market. Another one to the list is a digital currency revealed by Japanese social media giant, Line. The company launched its crypto trading system, Bitmax, on 17 September, as per an official announcement.
The company received its regulatory approval for a crypto exchange platform in the beginning of September. Following this, Line’s blockchain sector, LVC Corporation, revealed its blockchain initiative, Bitmax.
As stated earlier, Bitmax would allow for trading in five cryptocurrencies namely, Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH) and Litecoin (LTC). Users would be allowed to carry with trading transactions freely on the platform.
Green Pass to Online Withdrawals and Deposits
Line boasts a gigantic user base of 81 million users in Japan alone. The company has now come up with a system to allow for withdrawals and deposits through its mobile payment application, Line Pay. The cryptocurrency service would now be accessible from Line Wallet as per the announcement.
Line’s crypto trading platform would allow for novice users to proceed with crypto trading transactions under 1000 Japanese Yen, roughly equating to around 9 USD.
Is Bitmax Similar to Bitbox?
There have been speculations about the similarity between Bitbox, the company’s trading platform in Singapore. Bitbox, operates on an international scale in Japan and the USA. The platform was officially launched in 2018 and is not available for Japanese traders due to the country’s strict cryptocurrency trading and exchange legal requirements. Line has been quite favorable to the idea of digital currency and blockchain technology.
The company released its native cryptocurrency token, Link, along with Link Chain, a token backed blockchain network. In June 2019, the company’s financial sector, Line Pay Corporation, partnered up with Visa, the global payment giant, on developing new blockchain and cryptocurrency payment solutions.