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Messaging App Line Launches Cryptocurrency Exchange BITBOX

Linecorp, the Japanese corporate group behind the popular Line messaging app, announced today that they will launch a new cryptocurrency exchange, called BITBOX, that will start its operations next July. The exchange will be available worldwide, except in USA and Japan, due to their policies. This according to a press release hosted in the Linecorp webpage.
The Line messaging app is one of the most popular in all Japan, with more than 700 million users by the end of last year. Their plan is to leverage the popularity of the brand and carry it to the world of cryptocurrencies in order to close the distance between people and money, as they mention in the press release that announced the launch date.
The press release also clarifies that BITBOX will be a “crypto pure exchange”, this is, an exchange that will only let users trade cryptocurrencies, and won’t allow the exchange of them for fiduciary money; so if users want to use their service they should first buy the cryptocurrencies and then transfer them to their accounts in BITBOX.
LineCorp is based in Tokyo, Japan, but paradoxically they will offer cryptocurrency exchange services neither there nor in the USA, probably because of the tough regulations that are required to operate inside these countries (Japan), and the uncertainness that USA regulation has in regards to Initial Coin Offerings, crowdsourcing ventures that issue tokens to be used in a certain platform. For this objective, they will run identity checks to filter people from or in these countries from being accepted into the exchange.
BITBOX will list trading for a not so reduced set of 30 cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, among others. The exchange will have free trade for all customers for the first month as an opening gift.
Line is but the latest one of these messaging companies that try to delve into the cryptocurrency business; Telegram, the popular security based messaging app, also raised more than 1.7 billion dollars in the private sale round of their project earlier this year.

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