Japanese digital tech company Line Corporation has opened its own cryptocurrency exchange called BitMax. Line’s crypto exchange is for the Japanese market only. More than 80 million Japanese LINE app users can access the exchange directly through the messaging app.
BitMax is not competing with major exchange like Binance and Coinbase. The exchange is for Japanese consumers only, and makes ‘getting started for beginners easy’. Line’s crypto exchange offers five cryptocurrencies: bitcoin, ethereum, XRP, bitcoin cash and litecoin. That’s the top five biggest coins on the market based on market cap.
Line Corporation now owns two operational crypto exchanges. Last year the company took over BitBox, an exchange that’s based in Singapore. As a result that exchange is for global markets, even though they aren’t making big numbers on there just yet. This makes BitMax the second exchange in Line’s portfolio.
Japanese market growing despite regulations
The Japanese government has introduced strict regulations for crypto companies. For example they forbid trading in privacy coins on national regulated exchanges since last year. Additionally several cryptocurrency exchanges have closed their doors because of a crackdown by the local government. Nowadays only certified exchanges can be active on the Japanese market. Line’s fintech department, called LVC Corporation, became a registered cryptocurrency trading company earlier this month.
Even though the government has been implementing all kinds of strict regulations, Japan has seen an increase in crypto adoption. LINE implementing an exchange is just one example. Cryptocurrency-powered Brave Browser was the most downloaded browser app in August with two million downloads. Japanese game publisher Square Enix has expressed their interest, while the Japanese railroad company and commerce giant Rakuten are working on implementing crypto payments as well.
Also published on Medium.