Japanese messaging giant LINE has shut down its Singapore crypto exchange BITBOX and has rolled out a global platform called BITFRONT.
Based in the U.S., BITFRONT is operated by LVC USA, a subsidiary of LVC Corporation, which oversees LINE's crypto and blockchain businesses. BITFRONT provides both fiat-to-crypto and crypto-to-crypto gateways.
The new platform is part of LINE's global exchange strategy, a spokesperson of the company told The Block, adding that BITBOX has been closed after gaining a license for exchange operations in the U.S. The spokesperson did not specify which authority has issued the license.
BITFRONT currently supports trading in five coins, including bitcoin (BTC), ether (ETH), bitcoin cash (BTC), Tether (USDT) stablecoin and LINE's native token LINK.
Commenting on the launch, LVC Corporation CEO Youngsu Ko, said: "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 claims to have a global customer base of 186 million monthly active users.
Notably, BITFRONT is currently not available for users in New York, Hawaii and Nevada, the spokesperson told The Block.
With today's launch, LVC Corporation now operates two exchanges - global platform BITFRONT and BITMAX in Japan, which was launched in 2018.
It remains to be seen how the new exchange performs in the crowded space of crypto trading platforms. On BITFRONT's competitive edge, the spokesperson said the platform 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."
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