Line's new crypto exchange could expose 80 million users to Bitcoin

20 Jun, 2019
by Manshi Soneji Mamtora
Line's new crypto exchange could expose 80 million users to Bitcoin

The Japanese messaging app, LINE is set to receive a cryptocurrency exchange license from the Japanese Financial Services Agency a move that could expose 80 million users to Bitcoin, and other cryptocurrencies. 

FSA license for Line Corp.

According to Bloomberg news, this Japanese giant was facing stagnant growth since 2016 and is now expecting the FSA to issue a crypto exchange license as early as this month. The exchange operations would be functional within weeks of receiving the license.

With more and more private players entering the crypto space, the optimism is surging. Line Corp will be launching a platform called BitMax, which is an adaption of BitBox, a Singapore-based cryptocurrency exchange that Line launched last year for global users. Bitbox had licensing issues in Japan and has so far been unable to bring big profits for Line Corp. Though the recent FSA clearance has sparked Line Corp's price as shares rose almost 4.6% in the last two weeks. 

The way to online shopping via cryptocurrency still seems like a far-off dream for Line Corp as it awaits its banking license. It is likely not on the horizon for a year at least. 

Giants in the space

Other major players like Facebook has also entered the crypto industry with its Libra coin to be launched in 2020 in association with Calibra which is a subsidiary of Facebook and would enable people to participate in Libra network. Similarly, Samsung too has been developing its blockchain network and eyeing the issuance of its Ethereum-based token. In the banking segment, there is JP Morgan that came up with JPMCoin. Apparently, insurance company, Metlife is also integrating the use of Ethereum to transform its claims process. 

The FSA data shows that cryptocurrency related inquiries decreased in the last quarter of 2018, which also coincides with bottoming bitcoin prices. Japan continues to be one of the top countries in cryptocurrency activity and blockchain technology. And more exchange sanctions may likely be looked upon positively.

Do you think more private-player interest in the crypto space is adding to the Bitcoin price? Lets us know in your comments below.

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