Bitcoin Forum

Line Corp is said to be launching a cryptocurrency exchange. This news appeared shortly after Facebook revealed Libra, their digital currency.

Line will receive its cryptocurrency exchange license in the near future, precisely this June. Then the crypto currency exchange will operate several weeks after they get permission.

The exchange of the crypto will be called BitMax, and with its presence, 80 million Line users in Japan can buy and exchange crypto currencies such as Bitcoin and Line's crypto currency called Link.

Why are you speaking about June as if it's in the future? Did you just copy and paste this from somewhere?

NEws that LINE would launch a crypto exchange has been floating around for months now, and LINE have actually denied this on several occasions, despite there being evidence to the contrary.

Not sure why they'd called it BitMax though, that name is already used by another exchange — impending confusion!

This news came out around June this year.

Line-Owned Bitcoin Exchange BitMax Set for Regulatory Approval from FSA in Japan (https://blockonomi.com/bitmax-regulatory-approval-fsa-japan/)

It's already on coinmarketcap:
https://coinmarketcap.com/exchanges/bitmax/

And the website is already working:
https://bitmax.io/#/home

We will see the price to go ATH and those company backed up exchange will also be known if there will be more in the future.

What utilities do Line have? Do we have a reason to invest in it?
I still haven't seen the robustness of Line's ecosystem like Facebook. Can you tell me about its ecosystem?

Line is a popular messaging and calling app in Japan and East Asia. They are a highly profitable business and their entry into the crypto would increase the competition between enterprise owned crypto or the so called crypto ecosystems. Though they won't be as large as Libra but if they get relative success, they'll pave way for other companies to follow the suit.

Well, they will come up with their own token on the blockchain, for example, Ethereum, but it will take quite a while to explain to the average user how to use it all.
It may be worth the messenger team concentrating on transferring the already known cryptocurrencies Bitcoin, Latcoin, etc.
This will increase the demand for the messenger of traders and holders.

Another exchange. What is the unique nature of this exchange when compared to others already there? I always would like to compare it with exchanges like Binance.

This's "old news" They (LINE Corp) already has a crypto exchange since June June and began launching since July 2019.
although there is a lot of news that mentions bitmax, but from the press release LINE itself the exchange in question is BITBOX, which was developed by a LINE group company LVC Corporation.

Press Release from LINE Website :
LINE Announces Plan to Launch Cryptocurrency Exchange BITBOX in July Enabling Trading Globally Except in Japan and the U.S. (https://linecorp.com/en/pr/news/en/2018/2259)

A cryptocurrency exchange already bears that name BITMAX. Why then should this project names its exchange Bitmax too? Adopting that might be kicked against and will affect a lot of things. So I think another name will be adopted.

Bitmax is the main exchange for Line so there is no relation to adopting the name of Bitmax, and maybe Line will follow Facebook in the future.

Seriously ? Im using line for my messenger app in my phone.
I guess because facebook created their own cryptocurrency, the other social media platforms will trying to follow.
Could you provide some resource link about the news here ?

I think in the long-term, Line wants to create their own coins as Facebook ;D

But that is interesting to see Line has already their exchange and I think that will give impact to the existing exchanges. I hope that it will attract more user from Japan and another Asian country to buy cryptocurrency in their exchanges. There will be another big company that will launch their coin, exchanges to supports cryptocurrency.

Is it Line was same as Viber, Tango, and etc. Do you have a link article for that Line? Does Line is doing the same thing as Libra coin in crypto currency business. Probably, I think yes in the near future. And besides, Line has a huge users too all around the world.

There is one thing that Line must keep in mind if they are serious about doing business in crypto in Japan. Ie they must be able to restore public confidence in crypto currencies. Because, Japan has a bad history with crypto currencies.

For your information, Mt Gox is a crypto currency exchange based in Japan. In 2014, they were said to handle more than 70% of bitoin transactions worldwide, and in the same year they were attacked by hackers and suffered a loss of USD 470 million.

If they have to run any blockchain project, does it have to be exchange again? For you that even posted this news about line, are you not tired of hearing exchanges being launched virtually every day? And to whom are they launching those exchanges? The few traders that we already have in the market that is in some of these other reliable exchanges already?

You talk like the whole 80 million people in japan knows what cryptocurrency is all about, and majority of the crypto believers in japan would not because it is a company from their country leave the reliable exchanges they have been using, except maybe they are coming up with any extra ordinary features that will be far greater than already existing big exchanges, because this market is already over saturated of exchanges.