Global messaging giant LINE, which is headquartered in Tokyo, Japan has announced the launch of the BITBOX cryptocurrency exchange. BITBOX is based in Singapore and offers 15 languages and 30 different cryptocurrencies.
Due to lack of regulatory approval BITBOX is unavailable to users in the United States and Japan. The site is blocked off to citizens of these countries but BITBOX is open for business in all other countries.
The primary goal of BITBOX is to merge the social experience of LINE with a cryptocurrency exchange, so perhaps the main draw of BITBOX will be an active community with easy-to-use chat software. There are plenty of crypto exchanges that have at least rudimentary chat software, but by using LINE’s messaging technology BITBOX can take crypto exchange chat rooms to more sophisticated levels.
LINE is a popular messaging app with 600 million users as of 2015. This will make it easy for LINE to get customers for BITBOX since it can advertise it to a large user base. Further, LINE is offering free trading for the first month after launch, and USD 10 of cryptocurrency for the first 2 million users.
BITBOX has partnered with BitGo, a cryptocurrency custodian, to provide security for the exchange. LINE’s BITBOX announcement says, “The BitGo wallet is the only institutional-grade, multi-signature, multi-coin hot wallet. Multi-signature, three-key management removes any single point of failure, and advanced security configurations ensure that assets are secure as they move in and out of the wallet. The BitGo wallet pairs seamlessly with BitGo’s cold storage custody making asset transfer simple and secure.”
Apparently, LINE and BitGo are aiming to attract institutional investors. BitGo CEO Mike Belshe says, “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.”
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