Bitmax will allow LINE users to make transactions with five different cryptocurrencies.
Over the years companies have found in the world of cryptocurrencies a great business and an opportunity to grow. For this reason, they have ventured into the crypto world by launching applications, such as products and services that function as tools that facilitate commercial and daily transactions.
Some of these transactions could be savings with digital currencies, or generating economic income through the exchange of assets or digital currencies.
In this way, LINE, the instant messaging company through an application for computers and smartphones, has announced its foray into the world of cryptocurrencies, in order to use the rise of the market to raise income, creating services parallel to the instant messaging
Likewise, Japan’s most popular messaging company, LINE, issued a statement to announce the official launch of its cryptocurrency service for the more than 80 million users it currently has in the Asian country.
To make this announcement through local media, the company had to wait for the response to the request for the necessary legal permits to operate in the territory, and recently the Japanese authorities gave their approval for the use of the platform.
In an official statement released by the company last Tuesday, September 17th, it was announced that the LINE exchange will be called Bitmax. In a few weeks, the platform will be operational for any user to execute financial transactions, using any of the five cryptocurrencies that will be available on the platform. In this way, using an application for the Android operating system users can trade with cryptocurrencies such as Ethereum, Bitcoin, XRP, Bitcoin Cash and Litecoin.
It was known that the new platform will be incorporated into the company’s service network. This exchange will work in conjunction with the LINE wallet that currently works with some cryptocurrencies. Similarly, the payment platform that works for the exchange of yen in Japan, Line Pay, will be intertwined with Bitmax.
The synchronization between all the tools and services of the company is planned together with the launch of Bitmax, in this sense all the people who have a LINE account can use the service without any additional cost for operations and the collection fee will be adjusted for transaction, on deposit or withdrawal at 108 yen.
Those new in LINE, it means those who do not have any account there, have to go through a verification process determined by the Know Your Customer (KYC) tool, where an identity document and a photograph of the user is necessary for the account to be created and the user to have free access to all platform functions.
About the fund where users’ money will be stored, it is known that LINE partnered with the American company BitGo, which, through a wallet managed by a special team, will be responsible for preserving the money.
The launch of Bitmax will help boost the company in the cryptoactive market and put it in direct competition with leading platforms such as Binance. Currently, LINE still capitalizing large sums of money only with its instant messaging service.
By María Rodríguez