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Line Corp Establishes Cryptocurrency Exchange Service in Singapore

Line Corporation is on the verge of launching its cryptocurrency exchange service in Singapore. Takeshi Idezawa, the Line Corp. CEO announced the move during a company conference on Thursday (June 28, 2018). Line is Japan’s biggest messaging platform. It becomes the latest social media company to take an active interest in the cryptocurrency business.

Introducing Bitbox

The company’s cryptocurrency exchange platform named Bitbox will be established in Singapore. Inside sources at the company revealed to local media outlets in Japan that the platform is scheduled for launch in July 2018. Bitbox will offer over 30 different virtual currencies including Bitcoin, Litecoin, and Ethereum.

Traders will only be able to carry out crypto/crypto market transactions as Bitbox does not plan to offer crypto/fiat trading pairs. Cryptocurrency trading on the platform will attract a flat fee of 0.1 percent. Commenting on the Bitbox launch, Idezawa said:

With cryptocurrency, we are going to take our challenge in financial services global.

The services of the trading platform will be available to users from all over the world, except for Japan and the United States. There are plans to offer the Bitbox website in 15 different languages to cater to the needs of its expected global user base.

Line Corp Making Significant Strides in the Cryptocurrency Space

The company also stated it will adopt a more robust implementation of cryptocurrency and blockchain technology. Idezawa mentioned that Line Corp. was serious about establishing the emerging technology as the heart of its business strategy, going forward. The plan, according to the company, is to use blockchain technology as the nucleus of the process of unifying its three core business segments – media services, commerce, and entertainment.

Idezawa also declared that the company was seeking ways of reducing its reliance on advertisement revenue. Thus, Line Corp will leverage the potentials of blockchain and cryptocurrency. The company aims to challenge for a higher market share in areas dominated by rivals such as WhatsApp. According to the company’s CEO:

There isn’t a system in place right now that can monetarily reward users’ contributions to [sic] a service. Linking service growth to compensation for contributors in a token economy could unlock a great deal of new value.

Social Media Companies and Cryptocurrency

Line Corp. isn’t stopping at establishing the Bitbox crypto exchange platform in Singapore. The company also plans to issue a cryptocurrency token as well as a Bitbox smartphone app. By so doing, the platform app will be separate from Line’s messaging service. Inside sources also report that the company has struck a deal with blockchain security firm, BitGo Inc., to provide internet security protocols for the platform. Earlier in the year, Line signed inked a partnership deal with Icon (ICX).

Line which is owned by South Korean Internet behemoth, Naver isn’t the only social media company in the crypto space. Telegram and Kik have also made significant inroads into different cryptocurrency related projects.

What do you think about Line Corp’s exchange service in Singapore? Do you think other messaging platforms will follow in Line’s footsteps? Keep the conversation going in the comment section below.

Image courtesy of phys.org.

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Japan To Welcome 6 New Crypto (BTC, ETH, XRP, LTC) Exchanges

As the United States Department of Justice (D.O.J) investigates the allegations of Bitcoin (BTC) manipulation in the crypto-market, Japan is gearing up to welcome plans of 6 more crypto exchanges being launched by public companies listed on the Tokyo Stock Exchange. These 6 planned new exchanges, join a budding list of plans by other companies to issue their own crypto exchanges in the country. The current buzz is around SBI Holding’s Virtual Currencies exchange that plans on being launched this summer. There is also Line Corp and Yahoo Japan who are also planning on launching their own exchanges.

The 6 companies earlier mentioned are Money Forward, Drecom, Yamane Medical Corporation, Adways, Avex and Daiwa Securites Group.

This move by the 6 additional companies is natural in the country of Japan. The country has been quoted as being one of the major crypto trading and owning countries in the globe. Current estimates put the number of Japanese trading and owning crypto to 3.5 Million. The vast majority of the traders are between the ages of 20 to 40. This demographic makes up 80% of the 3.5 Million. This age range is a good indicator of what age bracket in the rest of the world, is trading in cryptocurrencies.

Also on the report that highlighted the above, is that the trade volume of BTC in Japan rose from $22 Million in March 2014 to $97 Billion in March 2017. Doing the math, that is a 440,800% increase in trading and overall interest in cryptocurrencies in the country; and in a time period of just 3 years.

These numbers are the main reason as to why there are almost 100 companies in total, applying for crypto trading licenses in the country of Japan through the FSA (Financial Services Agency).

In conclusion, the news of more companies in Japan willing to start crypto-exchanges is an indication that the crypto-verse is not going anywhere anytime soon even with the current market decline being experienced. What might probably happen in the next few years, is that the crypto-trading industry will expand at speeds that were never imagined. Some might argue that the expansion has already begun with the 6 aforementioned Japanese companies showing interest in getting into the space.

What is your take in terms of the general direction of the Crypto-market?