Japanese courier giant Line launched its new cryptocurrency trading platform Bitmax on September 17, reports Cointelegraph Japan.
FSA approval received
Following regulatory approval to operate a cryptocurrency exchange in early September, Line's blockchain arm, LVC Corporation, officially presented today its recently launched cryptocurrency platform.
According to the previous announcement, Bitmax would initially allow users to trade five major cryptocurrencies, including Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH) and Litecoin (LTC).
Small transactions for newcomers
With exposure to 81 million users in Japan, Line now accepts deposits and withdrawals through its mobile payment service, Line Pay, but the crypto trading service can also be accessed from Line Wallet, according to the announcement.
The newly launched Japanese exchange welcomes newcomers to the cryptocurrency trade by allowing users to make small transactions of less than 1,000 Japanese yen, worth around USD 9, at the close of this edition.
Bitmax vs Bitbox
As highlighted in the announcement, Bitmax is different from Line's Bitbox Exchange, based in Singapore, which operates worldwide, excluding Japan and the United States. Launched in July 2018, Bitbox is not accessible to Japanese merchants due to the licensing requirements of cryptocurrency exchanges in Japan, as previously reported.
Line has actively adopted blockchain and crypto technology so far. In 2018, Line launched its native cryptocurrency called Link along with the blockchain network based on Link Chain tokens. In June 2019, Line Pay Corporation, Line's financial services arm, partnered with global payment giant Visa to collaborate on new blockchain solutions and electronic payments.
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