As far as the creation of a crypto platform is concerned, many of the world’s consumer-facing tech companies are looking at ways to create one. Hence, it is not a surprise that Japan’s messaging app behemoth LINE has now officially launched its own cryptocurrency exchange, Bitmax, and is all set to open up a new chapter in the country’s crypto history.

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Japan is a nation that has been highly encouraging towards crypto, and the regulators have helped build a strong ecosystem over the past few years. The establishment of this new exchange is definitely a significant development for the crypto sphere in Japan.

LINE, which is majority-owned by the South Korean company Naver, has christened its crypto exchange as Bitmax. Bitmax has already gone live and is going to offer five major cryptocurrencies to its users. The cryptocurrencies being offered at this point in time include Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and XRP.

The service went live in stages, first going live at around three in the afternoon on Tuesday in Japan. The crypto platform was first made available on Android phones today. More importantly, the app is integrated with LINE’s payment app, LINE Pay, and it will allow customers to fund their wallets with fiat money faster.

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As is well known, it takes some time for a cryptocurrency exchange to become a big fish and the biggest reason behind that is the fact that it takes time to attract a sufficient number of users. However, there should not be any such problem for LINE, since it has the distinct advantage of having 80 million users on its messaging app in Japan. Hence, if the company can manage to attract even a small percentage of that user base into Bitmax, then the crypto platform could manage to grow into a major one pretty quickly.

Featured image: DepositPhotos © monsit

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