If there is anything that encourages people to use cryptocurrencies, it is being able to access it more easily. With the opening of Line’s new BitMax crypto exchange, there is a bigger chance for cryptocurrencies to be accepted more freely now. This is because Line will allow its 81 million user base in Japan to access the exchange on its Line mobile app.
This is great for the global crypto market in general as it will result in potentially millions of new crypto users who now have an easy way of getting crypto.
The announcement of the exchange’s opening comes a few weeks after Line’s blockchain arm, LVC Corporation, received its license from the Financial Services Agency (FSA) to operate a digital currency exchange in Japan. So the launch of BitMax in Japan does not come as a surprise as many Line users were anticipating its arrival.
With the Line app, new traders will get basic access to trading with no frills. This allows them to skip over all the complications that many traders face when they try to break into crypto market. Plus, thanks to the choices that Line offers, new traders have a good selection to choose from. There are five cryptocurrencies that can be bought on the Line app: Bitcoin (BTC), XRP, Bitcoin Cash (BCH), Ether (ETH), and Litecoin (LTC).
This is not the first time that Line has launched an exchange. It launched BitBox in Singapore back in July 2018 and has been offering trading services to most countries in the world except for Japan and the US. The reason for the two exemptions is because of licensing issues.
New Traders Welcome
With BitMax opening up, there are now 20 crypto exchanges in Japan. This is a surprisingly low number considering how high-tech Japan is. However, due to the scandals that have rocked the Japanese crypto community, the Japanese government has been very cautious of allowing new exchanges to launch in the country.
Trading on BitMax will be a breeze. Japanese residents from 20 to 74 will be able to open a crypto exchange account easily. This is especially so for Line Pay users who do not have to go through a know-your-customer (KYC) process. Line will be making a profit from the exchange through the spreads so it will not be charging a trading fee. This is another welcome advantage to using the exchange.
