LINE launches new trading platform BITFRONT in the United States, platform token LN surges by 160%.

The mainstream messaging app LINE recently shut down its cryptocurrency exchange BITBOX in Singapore, rebranded it, and launched a global trading platform called BITFRONT.

• BITBOX exchange closed after obtaining US exchange operation license
• Its platform token LINK (LN) surged by 160%

Expansion

According to their announcement, BITFRONT, headquartered in the US, is operated by LVC USA, a subsidiary of LVC Corporation, responsible for overseeing LINE's cryptocurrency and blockchain business. BITFRONT will offer fiat-to-crypto and crypto-to-crypto trading pairs.

Previously, LINE operated the cryptocurrency exchange BITBOX in Singapore, which only offered cryptocurrency trading pairs. The announcement stated that LINE has decided to expand its services to become a comprehensive exchange covering fiat currencies and cryptocurrencies, aiming to promote blockchain adoption by eliminating barriers to cryptocurrencies.

BITFRONT currently supports five major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Tether (USDT), and LINE's platform token LINK (LN).

Youngsu Ko, CEO of LVC Corporation, stated:

This is a significant step towards the mass adoption of blockchain. As a globally trusted cryptocurrency exchange, we will continue to provide users with easier access to blockchain and cryptocurrency-related services.

The announcement mentioned that BITFRONT will leverage LINE's years of global experience to provide extensive security and professionalism, using innovation to overcome traditional financial barriers. By connecting with various exchanges and order books, BITFRONT will offer deep trading liquidity and tight bid-ask spreads, enabling users to conduct USD transactions by linking their bank accounts.

US and Japan Obtain Qualified Trading Licenses

In fact, the predecessor of the exchange, BITBOX, was launched in July 2018 but did not stand out in overall operations. However, LINE's expansion into the US market shows its efforts to establish a presence in the crypto market, and its platform token LINK (LN) has been rising since February, from around 4.59 THB at the end of January to about 12 THB currently.

With the exchange back online, LVC Corporation currently operates two exchanges, the global trading platform BITFRONT and BITMAX, which obtained operational licenses from the Japanese Financial Services Agency (FSA) in 2019.

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