Line Enters Cryptocurrency Market with Singapore-Based Exchange

Line, a popular Japanese messaging app with 200 million monthly active users in Asia, is entering the cryptocurrency market with the launch of Bitbox, a Singapore-based exchange. The new platform will allow users to trade over 30 cryptocurrencies, including bitcoin, bitcoin cash, ethereum, and litecoin, with trading available in 15 languages.

The launch of Bitbox marks Line's foray into the cryptocurrency space, following other messaging app companies like Telegram and Kik. However, unlike some of its competitors, Line is not using an initial coin offering (ICO) to fund its venture, but rather private investors. Trading on the platform will be restricted in Japan and the US due to ongoing regulatory hurdles.