Japanese messaging firm has shut down its exchange service in Singapore, relaunching it as a US-based platform BitFront.
As of February 27, 2020, Line’s exchange Bitbox will be relaunched as a new US platform with the name BitFront. The exchange will be operated by LVC USA, Line’s crypto and blockchain arm and LVC US associate. Users are also currently being automatically redirected to the BitFront homepage. A lot of notice on the homepage informs users of the transition that has taken place.
Among which is the fact that that BitBox iOS and android app is no longer online. BitFront has also disclosed details of cryptos it would support, including those previously supported by Bitbox. The new exchange will support BTC, ETH, USDT, and line’s native token LINK in fifteen different languages including Chinese and English.
Prior to this, LINE operated Bitbox, an exclusive crypto-to-crypto exchange. Looking to become a full-fledged exchange, hence its move to BitFront. Hence, now LINE will include fiat-to-crypto transactions in its new exchange. This, in essence, will create awareness for blockchain and cryptocurrency in general.
More on the move
This inclusion of LINE on BitFront is a plus for the Japanese messaging giant. BitFront is well known for its security and innovation, all of which will be made accessible to LINE. Users will be able to carry out fiat-to-crypto transactions by linking them to their bank account.
To commemorate the transition, all US fiat transfer will temporarily attract zero transaction fees. And only US states authorized to carry out crypto transactions will have access to the platform. Hawaii, Nevada and New York users are not allowed on BitFront. More states will be added to this list in line with regulatory requirements.
Youngsu Ko, CEO of LVC, referred to the move as an important leap “toward achieving the mass adoption of blockchain”. Also adding that, “As the most trusted global digital currency exchange, we will continue to make blockchain and crypto more accessible to our users.”
US-based users who complete KYC procedures will receive digital currencies worth $100. They will also be absolved from commission fees for deposits made through wire transfers.