Japanese Messaging Giant LINE Receives License to Function as a Crypto Exchange

Leading Western companies like Microsoft, IBM, Amazon and various other leading tech companies are leaving no stone unturned to explore the crypto-space. Facebook has also been mulling for some time now to launch its own cryptocurrency. In this segment, JP Morgan and Wells Fargo have also started to offer cross-border payments and termed as big change-makers.

Meanwhile, many other companies are also spending huge time and money to place themselves as a leader in the fast-growing field of cryptocurrency and blockchain.

The one company that has pushed all the limits of late is Japan’s popular messaging LINE. It has emerged as one of the first publicly traded organizations to commence a proprietary blockchain mainnet with its cryptocurrency. A couple of days back it opened the channel on its exchange called BITMAX.

Notably, LINE holds complete support of the Japanese Financial Services Agency. LINE treaded at a rapid pace with their own token, blockchain, and now the exchange. It is all part of their current plan to place themselves for the upcoming fintech wave that is expected to include blockchain technology and cryptocurrency.

Brian Lee, Manager of Global Corporate Affairs, LVC Corporation, said blockchain and cryptocurrency need considerable time and money for investment if the messaging app wants to place itself in a solid position in the coming time.

“Regarding fintech, including cryptocurrency, we recognize that a substantial investment over several years is necessary,” Lee said to The Daily Chain. “We need to be fast in order to be a leader within this field, with the early investment the key to innovation and success. Once we are established, we anticipate that fintech services like cryptocurrency will provide stable revenues for a long time to come,” added Lee.

LINE has taken the resolve to work in the cryptocurrency and blockchain space for the future. With mainnet blockchain, exchange and cryptocurrency, Line will emerge as an inspiring force to reckon.

Earlier, in a major breakthrough, the blockchain and a cryptocurrency-based subsidiary of Japanese messaging giant LINE, a license has been given to it by the Japanese Financial Services Agency (FSA) which will allow it to function as a crypto exchange.  With the license, LVC Corporation can now provide its crypto exchange services in Japan to its vast user base which includes at least 80 million monthly active users at present.

The fresh platform known as BitMax will let traders buy and sell more than one cryptocurrency. Now with CT Japan, the FSA has given green signal to the purchasing and selling of 5 principal cryptocurrencies on the platform known as Ether or ETH, BCH, Bitcoin, Litecoin, and XRP.

LINE President Takeshi Dezawa made the big revelation about the FSA registration to the Tokyo Stock Exchange and said,

Today, the [Financial Services Agency] FSA’s list of cryptocurrency exchange registrations was announced, and LVC was officially registered as a cryptocurrency exchange trader. As a result, we will proceed with preparations for the provision of a virtual currency trading service that can be used with the highest priority on safety and security for the domestic market.

Edward Morris
Edward Morris is passionate about writing and curating news articles of blockchain and cryptocurrency market. He has recently completed is major in journalism and joined our CryptoWhile reporting team. He was avid trader of forex market from his graduation days. He becomes strong in trading and analytical skills with his experience in trading and it helps him for writing about cryptos.

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