Line, one of the most popular messaging apps, is making a move to compete with the dominant top dog- Facebook. Facebook currently owns both WhatsApp and Facebook Messenger. Line is a direct competitor. It plans to launch a new cryptocurrency exchange platform called Bitbox launching in July 2018.
Bitbox will launch in Singapore with initial support for Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), and Etherum (ETH). It has plans to support more than 30 cryptocurrencies in 15 languages. English is just the default- other languages will be translated for users all over the world. New customers will get zero commission trading for the first month.
US and Japanese residents won’t be able to use the platform as of now.
The company is working towards a “cashless” future and will have some fierce competition from Facebook’s own line of messaging apps. Line states it currently has over 165M active users, with its main audience in Japan, Taiwan, Indonesia, Japan, and Thailand. Even though it’s based in Tokyo, Japanese citizens won’t be able to use it because of recent hacks in Japan which imposed some pretty heavy restrictions on new platforms by the Financial Services Agency.
Line isn’t the only social network that’s currently getting their hands wet with crypto and blockchain. The majority of investors in cryptocurrencies are Millennials, which are the perfect audience to capture. They use both social media some are serious investors, which is a perfect demographic for the exchange.
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