Japanese messaging app Line launches crypto exchange Bitmax

Japanese messaging app Line has launched its crypto trading platform Bitmax, bringing crypto services to the app’s 81 million users. On Bitmax, users can trade Bitcoin, Ethereum, XRP, Bitcoin Cash and Litecoin.

Since many of its users will be novices, the app is designed to be, “secure and easy to use even for those who are not experienced with virtual currency trading.”

Whereas popular exchanges like Binance and Coinbase are also easy to use, Bitmax can be accessed from the Line wallet, which is baked into the messaging app itself. This means users can dabble with crypto trading without having to download additional software or a second device. 

This isn’t Line’s first crypto-venture. The company launched another exchange last year, Bitbox, which is available everywhere apart from Japan and the US. However, it failed to break into the top 100 exchanges, languishing at 120 on CoinMarketCap. The vast majority of the exchange’s  $7.6 million daily trading volume is made up of trading between Bitcoin and Ethereum. But with Bitmax connecting directly with users of the app, it might fare better.

Another messaging app, Telegram, is planning to launch the Telegram Open Network cryptocurrency ecosystem, and associated virtual currency Gram, to 365 million users sometime next month. That will make it one of the largest crypto-launches in history. Line’s success or failure with Bitmax could give an indication to how well Telegram’s crypto play will do.