The crypto industry is evolving, and the number of people who would like to learn more about this emerging technology also increased during the last several years. The process of crypto adoption will take time due to several factors. Nevertheless, many crypto-related companies are working hard to challenge the stereotypes connected with cryptocurrencies.
Several days ago, the Japanese messaging giant Line made an important decision. The Line closed its Singapore-based crypto exchange BitBox.
Furthermore, Line relaunched it as global, rebranded U.S.-based platform. The name of the new U.S. platform will be BitFront.
LVC USA, is the U.S. subsidiary of LVC Corporation, is operating the BitFront. LVC Corporation is a Line’s digital asset and blockchain-focused arm.
As a reminder, the BitBox iOS and Android trading app do not exist anymore.
The new platform will support Bitcoin, Ether, Tether, and Line’s native token LINK.
Regrettably, residents of Hawaii, Nevada, and New York are not eligible for BitFront, as well as those in many countries around the world. Nevertheless, the list is not final, and BitFront will update the list in accordance with regulatory approvals.
It is worth mentioning that, LVC Corporation now operates two crypto exchanges around the world, after the transformation of BitBox.
In 2019, the firm received a crypto exchange operating license from Japan’s financial regulator. It launched operations on its BitMax platform.
Japanese authorities and crypto industry
Central banks in Asia and other parts of the world are interested in the crypto industry. This process will take time, maybe even several years, nevertheless the crypto industry has the potential to become part of everyday life.
Masayoshi Amamiya is the Deputy Governor of the Bank of Japan, and he made a comment about the crypto money. According to the high-ranking official, central banks around the world should learn more about the pros and cons of the process.
The crypto community should work with central banks as well as governments to raise awareness regarding the cryptocurrencies.