LINE, a Japan-based messaging service provider, has reportedly closed down its Singapore-headquartered crypto exchange BITBOX and has launched a globally accessible platform, BITFRONT.
Headquartered the US, BITFRONT is run by LVC USA, which is a subsidiary of LVC Corporation, a company that manages LINE’s digital asset and blockchain-focused initiatives. BITFRONT offers fiat-to-crypto and crypto-to-crypto trading options.
BITFRONT is part of LINE’s main business strategy, which involves offering global crypto exchange platforms. This, according to a representative of the firm that shared details about LINE’s expansion plans with The Block.
The representative noted that BITBOX has shut down after acquiring an operational license for offering crypto exchange services in US markets.
They added:
“[BITFRONT provides] 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.”
The representative did not reveal which regulatory authority had awarded the license.
BITFRONT presently supports trading in five cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BTC), Tether (USDT), and LNK, which is LINE’s native digital token.
Youngsu Ko, CEO at LVC Corporation, stated:
“This is a major leap toward achieving the mass adoption of blockchain. We will continue to make blockchain and cryptocurrency more accessible to our users.”
LINE’s management revealed that the company has a global client base of 186 million monthly users.
BITFRONT’s services are not being offered to residents of New York, Hawaii and Nevada.
LVC Corporation is now managing two exchanges, which include global crypto trading platform BITFRONT and Japan-based exchange BITMAX (launched in 2018).
