Japan: Messaging Giant LINE Launches Trading of Its LINK Token on Native Exchange

Japanese messaging app provider LINE Corporation announced that its newly-developed LINK (LN) token is now tradeable on its native BITBOX cryptocurrency exchange in a press release Tuesday, October 16.

LINE, which launched BITBOX in July, will offer trading against three cryptocurrency assets – Bitcoin (BTC), Ethereum (ETH) and Tether (USDT) – out of a total of thirty currently available on the exchange. BITBOX does not offer fiat trading.

In future, LN holders will be able to spend their holdings in LINE’s decentralized application (DApp) system, also currently under development, the press release notes.

“We’re very pleased that users are now able to trade LN on BITBOX, which is a major step forward in our plans for creating a token economy,” LINE CEO Takeshi Idezawa commented in the release, continuing:

“We think it is important to promote co-creation and mutual growth with LINK, while ensuring BITBOX continues to develop as a user-friendly platform that adds value to those who use it and contribute to our services.”

Along with promotional activities such as an airdrop of TRON (TRX) tokens for LN holders, the move marks the latest step in the company’s continued efforts to embrace the crypto economy.

As Cointelegraph reported in August, LINE’s Hong Kong-based subsidiary Unblock launched a $10 million “corporate token fund” with the aim of “boosting the development and adoption of cryptocurrencies and blockchain technology.”

Separately, internet conglomerate GMO Internet Co. Ltd revealed plans earlier this month to launch a cryptocurrency stablecoin pegged to the Japanese yen.

Japanese Exchange Takeover: Zaif Transfers All Crypto Services to Fisco

Japanese Exchange Takeover: Zaif Transfers All Crypto Services to Fisco

Exchanges

Japanese crypto exchange Zaif has concluded a business transfer agreement with another regulated crypto exchange in Japan. Fisco Cryptocurrency Exchange will take over all of Zaif’s services and will be responsible for repaying users who lost their coins when Zaif was hacked last month.

Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

Business Transfer Agreement

Tech Bureau, the operator of Zaif, has signed an agreement to transfer Zaif’s business to Fisco Cryptocurrency Exchange (FCCE), the company announced Wednesday.

Japanese Exchange Takeover: Zaif Transfers All Crypto Services to FiscoZaif claims that it was hacked on Sept. 14, with approximately 7 billion yen ($62 million) stolen. On Sept. 20, Fisco Co. Ltd., the parent company of Fisco Cryptocurrency Exchange, announced a plan to provide 5 billion yen to help Tech Bureau compensate its affected users in exchange for the majority of the company’s shares. Fisco and Tech Bureau have since been working on a business transfer agreement with a tentative transfer date of Nov. 22.

“While the details of specific measures addressing damages to Zaif users are under consideration, a formal business transfer agreement for the Zaif business to FCCE was concluded,” Fisco wrote, adding:

It has been decided that all of Zaif’s services will be passed to FCCE including handled cryptocurrency, exchanges, vendors, credit transactions and Bitcoin Airfx [derivatives trading]. FCCE will also carry out the return of cryptocurrency that Zaif users lost in the outflow during the hacking incident, etc. (including debt for payment in kind for reasonable amounts of money).

Japan currently has 16 regulated crypto exchanges. Both Zaif and Fisco Cryptocurrency Exchange were licensed by the country’s Financial Services Agency in September last year. In August 2017, Fisco announced the launch of “Japan’s first bitcoin-denominated bonds.”

Fisco’s Long-Term Agreement With Tech Bureau

Japanese Exchange Takeover: Zaif Transfers All Crypto Services to FiscoThe two companies have been working together since 2016. When Fisco Cryptocurrency Exchange began operations in August 2016, it licensed the use of Tech Bureau’s white label system to provide liquidity to the new exchange.

Two days prior to the hack, on Sept. 12, Fisco Cryptocurrency Exchange reviewed its system in order to stop using Tech Bureau’s white label system and start using its new trading system provided by Ccct Inc., a wholly-owned subsidiary of Caica Inc.

Plan to Compensate Zaif’s Users

After discovering the security breach on Sept. 17, Zaif immediately suspended several services, including deposit, withdrawal, and merchant payment. The exchange claims that 5,966 BTC, 42,327 BCH, and 6,236,810 MONA were stolen.

Japanese Exchange Takeover: Zaif Transfers All Crypto Services to FiscoAccording to Wednesday’s announcement, Zaif has resumed some services for BTC and BCH, including “transactions, buying and selling through simple transactions and savings.” Tech Bureau clarified that deposit and withdrawal services “are scheduled to resume after operations have been assumed by Fisco Cryptocurrency, with the specific resumption date to be announced at a later date.”

For MONA, “compensation will be made in Japanese yen to the equivalent value” of the amount held by each user at the rate of 144.548 yen per coin, Tech Bureau detailed. At the time of this writing, MONA is trading at 148.4 yen on Zaif.

What do you think of Zaif transferring all crypto services to Fisco Cryptocurrency Exchange? Let us know in the comments section below.


Images courtesy of Shutterstock, Zaif, and Fisco Co. Ltd.


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Exchanges Roundup: Yobit Unveils Random Coin Pump, Okcoin USA Plans Stablecoin

Exchanges

In recent news pertaining to crypto exchanges, Yobit has announced a “random coin” pump for Oct. 11, the founder of Okgroup has announced Okcoin USA’s plan to launch a stablecoin, and Coinbase’s chief policy officer has predicted that the exchange will attain Japanese regulatory approval by 2019.

Also Read: A Bitcoin Rat Is Occupying Wall Street

Skepticism on Twitter over
Aggressive Yobit Campaign

Yobit, the shadowy Russian cryptocurrency exchange, has announced an upcoming “Yobit Pump” scheduled for 9 a.m. EDT on Oct. 11. According to Yobit’s Twitter, the pump will see Yobit purchase one random coin for 1 BTC every one to two minutes, 10 times.

The comments section beneath the tweet shows a predominantly critical reaction to an aggressive promotional campaign premeditated by an exchange that’s already mired in controversy. Last year, Forbes Ukraine reported that Roskomnadzor, the Russian telecommunications regulator, had launched juridical proceedings against Yobit, with Roskomnadzor seeking to block Russian IP addresses from accessing the exchange.

In 2016, Waves also published a warning pertaining to Yobit after the exchange listed a waves/BTC pairing, even though users were unable to withdraw the cryptocurrency from private Waves wallets at the time.

Okgroup Founder Vows Full Compliance
with Planned Stablecoin

Exchanges Roundup: Yobit Random Coin Pump, Okcoin USA StablecoinStar Xu, the founder of Okgroup, has announced that Okcoin USA is planning on entering the stablecoin market.

In a recent tweet, Mr. Xu posted: “Embracing the tide of technology, the launch of a #CNY backed #stablecoin is an inevitable trend, and it will significantly improve the internationalization of the RMB. OKCoin USA will launch a fully compliant stablecoin.” Xu added that “the dollar-pegged #stablecoin regulated by the U.S. government will strengthen the penetration of the U.S. dollar 100 fold.”

Xu also spoke in favor of stablecoins, stating: “Stablecoins are in essence electronic cash. They have the same attributes. The central bank issues the currency and then it is distributed peer-to-peer. The difference is it’s electronic. Today, the amount of cash in China’s domestic monetary system is not small.”

Coinbase Executive Optimistic About Securing Regulatory Approval in Japan

Exchanges Roundup: Yobit Random Coin Pump, Okcoin USA StablecoinIn a recent interview with Nikkei Asian Review, Mike Lempres, the chief policy officer of Coinbase, optimistically discussed the exchange’s desire to obtain regulatory approval to operate in Japan.

Lempres stated that talks are “going well” with Japan’s Financial Services Authority, adding: “We are … committed to getting it done. It will certainly be in 2019.”

Lempres also spoke favorably of the Japanese regulatory system relating to cryptocurrencies. “The Japanese government is more focused on security,” he explained. “That is good for us … Japan has been an active large market from the very beginning, and has proved resilient as it bounces back from several bad experiences. We think there is great demand for a trusted provider of services here.”

Despite his praise for Japan’s crypto regulations, Lempres noted that there are still several issues to be resolved, including whether or not the regulator would require Coinbase to manage its systems from within Japan in order to obtain a license. “We have everything built to protect our storage … in the U.S,” he stated. “We won’t do anything to even raise (the) possibility of a hack. It would be hard for us to duplicate what we do in the U.S. today in Japan and other countries.”

What is your response to Yobit’s random coin pump? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Twitter


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