Line Launches US-Based Crypto Exchange, Shutters BitBox

BitBox’s services were not available to US and Japanese traders.

Line, a Japanese messaging platform, on Friday announced the launch of its new US-based crypto exchange operated under its local blockchain entity LVC USA.

Dubbed BITFRONT, the new digital asset exchange will serve traders around the world with both crypto-to-crypto and crypto-to-fiat services. Its operator is the US-based blockchain subsidiary of LVC Corporation, Line’s blockchain arm.

“This is a major leap toward achieving the mass adoption of blockchain,” Youngsu Ko, CEO of LVC Corporation, said mentioning the new platform. “As the most trusted global digital currency exchange, we will continue to make blockchain and cryptocurrency more accessible to our users.”

Taking an aim at the global market

To expand its global services, Line has axed its long-running Singapore-based crypto exchange BitBox. The exchange had been operating since July 2018 and offered crypto-to-crypto trading services to almost all the countries in the world except Japan and the United States due to licensing issues.

As detailed in the announcement, Line’s new crypto exchange will link other exchanges and order books, offering deep liquidity and ensuring a tight bid-ask spread.

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Earlier this month, Line’s blockchain arm enabled trading with Link on its Japanese trading platform following its listing on now-closed BitBox.

Notably, Line also operates another local crypto exchange in Japan – BitMax – which is licensed under the Financial Services Agency (FSA), the local financial market watchdog, and operated directly by LVC Corporation.

The new exchange will offer trading services with five cryptos – Bitcoin, Etherium, Bitcoin Cash, Tether, and Line’s native digital currency Link.

The US dollar-based services, however, will only be available to traders who link their bank accounts with the exchange.

To attract traders in a crowded market of crypto exchanges, BITFRONT will offer commission-free trading to traders who make fiat deposits via wire transfers.

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