Mon, November 28, 2022

Japanese Messaging Giant and New Crypto Exchange

Malta and crypto industry

This week, the Japanese messaging giant Line closed its Singapore-based crypto exchange. Moreover, Line relaunched it as global, rebranded U.S.-based platform.

Yesterday, the team of exchange, which first launched as BitBox in Singapore back in 2018, revealed exciting information. 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.

Starting from February 28, all users will be automatically directed from BitBox to the BitFront URL.

It is worth mentioning that the BitBox iOS and Android trading app does not exist anymore. Also, the team published details of supported coins; they are similar to the ones offered on BitBox. The new platform will support Bitcoin, Ether, Tether, and Line’s native token LINK.

Interestingly, residents in approved U.S. stated can take advantage of zero-fee U.S. dollar fiat wire transfer deposits. However, it is a temporary offer.

Unfortunately, residents of Hawaii, Nevada, and New York are not eligible for BitFront, as well as those in many countries around the world. However, the list is not final, and BitFront will update the list in accordance with regulatory approvals.

Interestingly, LVC Corporation now operates two crypto exchanges around the world, after the transformation of BitBox. Last year, the firm received a crypto exchange operating license from Japan’s financial regulator. It launched operations on its BitMax platform.

Bank of Japan and crypto moneyCrypto news on Friday

Deputy Governor of the Bank of Japan, Masayoshi Amamiya, made a comment about the crypto money. According to the Deputy Governor, central banks around the world should learn more about the pros and cons of the process.

His comment underlines that it will take time until the central bank will start issuing cryptocurrencies. Despite all of the problems, cryptocurrencies have the potential to boost the economy and to make life easier for millions of people.

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