Japan’s messaging giant company, Line, has launched a platform for Crypto trading naming it Bitmax on the 17th of September. This is another step in the competition between the big companies and tech startups.
As per reports, 11 days before this launch, the Financial Services Agency of Japan (the FSA) has granted the license for the crypto platform. And on the 17th of September, the LVC corporation or the blockchain subsidiary of Line has officially launched the crypto platform.
As per earlier announcements, the crypto platform Bitmax will allow transactions in BTC (Bitcoin), XRP, BCH (Bitcoin Cash), ETH (Ether) and LTC (Lite Coin) only. At least for some time till the launch.
The Bitmax trading platform was made in collaboration between Visa, the global payment hub and LVC, in early June of this year. This is yet another proof that Japan is ready to embrace cryptocurrencies, unlike most of the other world economic powers, considering their reaction to Libra’s announcement.
Feasibility for Newcomers
The Line has a reach to 81 million users of Japan, hence it has it’s payment platform called Line Pay, from which users can pursue mobile payments, also the crypto trading can be accessed via the Line wallet.
Bitmax allows the newcomers to make smaller transactions under 1,000 Japanese yen, which will account for $9 at a press time. Which is welcomed by users and traders across investment platforms.
Bitmax v/s Bitbox
It was made clear that Bitmax is different from Bitbox which is also a Line-based crypto platform operated from Singapore. Bitbox has a global reach apart from Japan and the USA. The 2018-released crypto platform cannot be accessed by Japanese traders due to license requirements by the FSA.
The Line has an appreciable record of blockchain technology and cryptocurrencies. And following that, during the summers of 2018, it had launched a native crypto token called LINK. And LINK has been quite successfully operated, though the tech team was constantly trying to build an environment that is strived to provide service efficacy for the Link chain.
The Link chain platform works on a decentralized app-based system, allowing the operations of a virtual coin experience a lot more. It connects the apps with the messaging platform, creating efficiency in services.
The crypto-token LINK is already part of the Link chain, and later on, in October 2018, it became part of Bitbox as well. Now possibly Bitmax will sooner or later accommodate LINK transactions on its app. Though there is no mentioning in the license or announcements yet.