Line is a messaging app with Japanese origin. Recently, it has decided to launch a cryptocurrency exchange in Singapore. It is trying to rival the other messaging applications which are expanding in the Fintech space. The other messaging applications which are expanding in the Fintech space include Whatsapp and WeChat.
The name of the exchange will be BitBox. The exchange will be operational from next month. Also, currently it will trade in 30 different coins. These will include all the popular coins like Bitcoin, Ethereum as well as Bitcoin cash. Also, it will be based out of Singapore. As a result, it will be able to service clients all over the globe quite easily.
When you look at the messaging services application of line, it is around 165 million users. Also, out of these 40 million users use the inbuilt payment capabilities which are integrated. As a result, it is trying to certainly expand that.
According to the chief executive officer, Idezwa Takeshi, with the help of these financial services, they will be able to cater to even more customers. The customer base of the line messaging application will also increase. Moreover, they will be able to provide greater security to the people who are using the cryptocurrency exchange. This will ensure that the consumers who are using the cryptocurrency exchange will be able to keep their assets private at all points in time. Moreover, they will be able to get more diverse investment options as well. As a result, it will become easier for them to invest in cryptocurrencies and keep them in complete safety.
With more and more messaging applications going into the Fintech industry, it remains to be seen whether there are any other big announcements from them. For now, however, it seems like most of the messaging applications as well as the companies which are related to the finance world are going towards the cryptocurrency world.
With that being said, it remains to be seen whether this particular cryptocurrency exchange picks a significant amount of traction or not. The competition is already heating up in the cryptocurrency space. Moreover, with increasing regulations, it is becoming difficult for the cryptocurrency exchanges to cater to a wide range of customers. That is why the market share is consistently decreasing. It remains to be seen whether this particular cryptocurrency exchange will be successful or not.
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