LINE Corporation, the organization behind Japanese messaging giant LINE, has closed its Singapore-based cryptocurrency exchange BITBOX and opened a new global cryptocurrency platform BITFRONT in US that will serve as main digital currency exchange platform for LINE’s token economy.
LINE Corporation made the announcement in press release published on its website on February 28. The corporation said that the launch of new platform is part of its continuing expansion of the LINE token economy.
According to the press release, BITFRONT, operated by LVC USA Inc., a subsidiary of LVC Corporation that also operates another crypto exchange BITMAX in Japan, will provide fiat-to-crypto gateway and crypto-to-crypto market for the U.S. dollar. The services of the exchange will be available to global users except Japan and certain states of the US that, according to a spokesperson, includes New York, Hawaii, and Nevada.
The exchange is initially supporting trades for five token including bitcoin (BTC), ether (ETH), bitcoin cash (BTC), Tether (USDT) stablecoin and LINE’s native token LINK. The platform offers a range of customized features to ensure a convenient trading experience. Users will be able to trade in U.S. dollars by linking their bank account.
LINE Corporation said:
“With the aim of using innovation to overcome traditional financial barriers, BITFRONT brings extensive security and industry know-how built on LINE’s years of experience as a major global service. By linking other exchanges and order books, BITFRONT provides deep liquidity and ensures a tight bid-ask spread. In addition, users will be able to trade in U.S. dollars by linking their bank account.”
The LINE Corporation previously operated exchange BITBOX, a crypto-to-crypto exchange based in Singapore, is no more operating in the region. An insider told a crypto news outlet that the corporation decided to halt BITBOX following the company’s acquisition of a license to operate a cryptocurrency exchange in the United States.
To celebrate the launch, the exchange is offering LINK rewards to users who completes their KYC verification and exchange or purchase more than USD100 worth of digital assets until March 31. Furthermore, they will be exempt from commission fees if they make deposit made through a wire transfer.
Youngsu Ko, CEO of LVC Corporation, commented:
“This is a major leap toward achieving the mass adoption of blockchain. As the most trusted global digital currency exchange, we will continue to make blockchain and cryptocurrency more accessible to our users.”
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