BitBox, a cryptocurrency exchange developed by Line Corp, has officially started operations.
BitBox has its headquarters in Singapore. The new cryptocurrency exchange will be operated by Line Tech Plus, which is also based in Singapore and is under the umbrella of Line and LVC Corp.
Currently, the exchange handles more than 30 digital currencies, among them Litecoin, Bitcoin Cash, Ethereum and Bitcoin. These coins were selected after a review done by a listing committee.
In a statement, Idezawa Takeshi, the CEO of Line Corp, said that the new exchange will allow users to easily trade cryptocurrencies while at the same time boosting security.
The BitBox platform only allows token-token trading. It does not support trade between fiat and digital currencies. Additionally, the exchange is not available to residents in the U.S and Japan. This is mainly because of the regulatory uncertainties in the two countries.
BitBox’s potential for growth
Bitbox’s potential for future growth is largely limited by the fact that the exchange has not ventured into the Japanese market. Japan boasts of a very large market in terms of revenue, market influence and user base.
However, the company is counting on the design and architecture of Bitbox to attract users. Line built a “User-centered exchange’ which borrows a lot from the mobile app UI and UX. The platform has an intuitive design which makes it easy to use. Additionally, the exchange is configured in different languages so as to cater for international users.
In terms of security, the platform has integrated BitGo into its services. BitGo offers security solutions to institutional customers. BitGo is the only available institutional-grade wallet. It is operated by more than one signatory and accommodates more than one coin. Line is listed in Tokyo and is well known for its mobile messaging app, also called Line.