LINE, a Japanese mobile application company famous for its instant communication application has officially launched BITBOX, which is its very own cryptocurrency exchange.

BITBOX, unlike its parent company, will be based out of Singapore with a support of 30 cryptocurrencies. LINE made an official announcement on its website.

There will only be crypto to crypto listings and no trading between fiat and cryptocurrencies. Popular cryptocurrencies such as Bitcoin, Ethereum, Ripple and Litecoin will be available to trade for users across the world and is available in 15 languages. However, it will not be available to Japan and The United States just yet due to regulations.

CEO of LINE, Takeshi Idezawa said, “LINE has built its reputation on providing a great social experience for our users, and now we intend to bring that know-how to the world of digital tokens with our BITBOX exchange.”

BITBOX has teamed up with BitGo in ensuring safety standards are kept high. BitGo s the only institutional-grade, multi-signature, multi-coin hot wallet’ in the crypto sphere.

CEO of Bitgo Mike Belshe said, “LINE and BitGo are both leaders in our industry and this partnership with BITBOX is an important step in bringing institutional investors the security, compliance, and custodial solutions they need. LINE has an established history of success in the global market. Together BITBOX and BitGo are committed to providing the most secure and reliable user experience in the digital token ecosystem.”

LINE’s previous service was Line Pay which has grown to become incredibly successful with over 40 million registered users. Line Pay is regarded as a secure and easy payment platform. Global transactions for Line Pay are in the total of $4.1 billion ever since it released in 2014.

With Japanese users not able to use LINE’s BITBOX as of now, BITBOX may or may not achieve such targets.

Do you think BITBOX will competitively succeed similar to its previous service Line Pay? Let us know your thoughts!

Image Source: “Flickr”