LINE’s Bitmax exchange opens in Japan

LINE, Naver’s Japanese messaging application subsidiary, has opened its Bitmax cryptocurrency exchange. The new exchange will operate separately from the company’s existing Bitbox exchange. LINE did not release its Link cryptocurrency on the new exchange. Opening just days after license approval LINE's LVC blockchain subsidiary received the license for a cryptocurrency exchange on Sept. 6. The new exchange will operate under LVC. Running under LINE's application for Japanese investors Bitmax is accessible through the LINE application, which has 81 million monthly users in Japan. The exchange is available only for Japanese users who have authenticated themselves through the application. As LINE is also connected to LINE Pay, users can quickly access their accounts. The minimum transaction amount on the exchange will be 1,000 yen ($9.26). Five major tokens available on the exchange Bitmax currently supports Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin. The cryptocurrencies are stored in a Bitgo wallet. LINE’s Link token will not be available on the exchange. The token was not on the list of tokens to be traded on the exchange when Bitmax was receiving approval from authorities. Separate from Bitbox Bitmax is a completely separate service from Bitbox, which was introduced through LINE Tech Plus, LINE’s Singapore subsidiary, last year. Bitbox is currently available to all users except for those in the United States and Japan. Bitmax is intended for the Japanese market. While Bitbox supports LINE’s Link token, Bitmax has yet to confirm whether it will support the token in the future.

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