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Japan is one of the most crypto friendly countries in the world, and companies in the country are responding by entering the crypto space.
The regulations in the country allow people to make use of digital assets for many daily transactions and as such, crypto exchanges flourish in Japan.
Japan’s largest messaging platform, Line, has launched its crypto trading platform. The trading platform, named Bitmax, was officially launched on the 17th of September, 2019.
LINE obtained approval to run a crypto exchange from Japan’s FSA earlier this month. BitMax will be run by Line’s blockchain arm called LVC Corporation. It is this blockchain focused division of the messaging giant that introduced the new crypto exchange to the world.
During the initial stages of Bitmax’s operations, traders will be able to engage in the exchange of five cryptocurrencies. These five include Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Ripple (XRP), and Litecoin (LTC).
Over time, it is expected that Bitmax will expand the number of cryptocurrencies available to its clients for trade. There are many altcoins that have been performing well on crypto markets over the course of this year, and traders on Bitmax would want access to these coins.
Massive customer base
Bitmax is likely to have a large number of clients on its platform in a short space of time due to the conditions set by its parent company.
The messaging giant has over 81 million users in the country, and it has given each of these customers easy access to its crypto exchange. Line users are able to make deposits and withdrawals using the company’s payment service named Line Pay.
It has also created a crypto wallet, Line wallet, through which each of its users can access the crypto functions being offered on Bitmax.
Line has made trading on their platform accessible to all its users regardless of how much money they want to place in cryptocurrency.
Users of the exchange platform are able to make transactions for as little as 1,000 Japanese yen, which is roughly about USD 9. Most exchanges do not allow transactions of such small amounts, but Bitmax has opened up crypto trading to all who wish to engage in it.
Line’s Bitbox crypto exchange
Bitmax is not the first crypto exchange that Line has launched. The messaging giant has another exchange, named Bitbox, which operates globally except in Japan and the United States.
Bitbox is based on Singapore and it is not accessible to Japanese traders due to licensing requirements in the country. The unavailability of Bitbox in Japan is a major factor in the formation of Bitmax.
Bitbox was launched in 2018 and it has been successful in its provision of crypto trading services to its users.