Expansion into Fintech Businesses
Naver's Japanese subsidiary LINE is accelerating the expansion of its new financial business. Following Singapore, LINE opened a cryptocurrency exchange in the United States.
LINE announced on Feb. 25 that it has opened “Bitfront,” an exchange where people can trade cryptocurrencies with U.S. dollars. In addition, to mark the opening of the exchange, it will provide link compensation to U.S. users if they complete KYC certification and trade more than US$100 worth of cryptocurrencies. They will also be exempted from fees when depositing U.S. dollars through the wire transfer method by March 31.
Founded in the U.S., Bitfront is jointly operated by LINE’s blockchain subsidiary LVC and U.S.-based LVC USA. Bitfront handles the U.S. dollar and five cryptocurrencies, which are Link, Bitcoin, Bitcoin Cash, Ethereum and Tether.
Transaction services between the dollar and cryptocurrencies are provided to residents of the United States only. If a user links the exchange to his bank account, he will be able to use the services. The exchange supports a total of 15 languages including Korean and English.