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Bitfront, a cryptocurrency exchange that the Japanese social media giant LINE founded in 2020, will stop performing
According to a Monday announcement, Bitfront, a cryptocurrency exchange that the Japanese social media giant LINE founded in 2020, will close. From the exchange, LINE will now concentrate on its own native blockchain and cryptocurrency. The notice stated, “Despite our attempts to meet the challenges in this quickly changing sector, we have unfortunately determined that we must shut down Bitfront in order to continue expanding the LINE blockchain ecosystem and LINK token economy.
For instant messaging on electronic devices like smartphones, tablets, and personal computers, there is an app called Line that is available for free. Users of Line can hold free VoIP calls and video conferences as well as exchange texts, photos, videos, and audio. Additionally, Line is a platform that offers a number of services, such as a digital wallet called Line Pay, a news feed called LINE Today, on-demand video called Line TV, and the distribution of digital comic books called Line Manga and Line Webtoon. Z Holdings’ affiliate in Tokyo, Line Corporation, runs the service.
Additionally, Bitfront highlighted that the closure of the exchange had nothing to do with the ongoing FTX exchange issue and was instead done in the “better interest” of the Line ecosystem. The notice states that Bitfront would discontinue its services gradually, with signups and credit card payments ending on November 28. By the middle of December, the site intends to stop accepting new deposits and making interest payments on LN interest products. Bitfront wants to cease all cryptocurrency and fiat deposits, as well as trade suspension and order cancellation, by the end of December. On March 31, 2023, all withdrawals will be stopped completely, however, consumers will still be able to collect their assets in several US states.
The collapse of the Terra sisters in May, followed by the liquidation of Three Capital Arrows, caused an illiquidity crisis that is currently affecting the cryptocurrency market. The Terra crisis destroyed billions of dollars’ worth of value, leading numerous cryptocurrency exchanges to suspend operations and ultimately decide to file for bankruptcy. Sam Bankman-FTX Fried’s Group, which has filed for voluntary bankruptcy and exposed numerous other exchanges along with it, is the most recent case to startle cryptocurrency investors. Since May, the cryptocurrency markets have become incredibly turbulent. According to Bitfront, “we have tried our utmost to be a leader in the blockchain sector from the outset.
In order to allow users to securely store and freely trade their digital assets, the exchange was introduced in February 2020. “This decision was made for the best interests of the LINE blockchain ecosystem and is unrelated to current events related to some exchanges that have been accused of misbehavior,” Bitfront clarified. In light of this, Bitfront services have been suspended since November 28. The exchange does, however, intend to remove its services by March 31, 2022.
The notification states that beginning on November 28, Bitfront would no longer accept new signups or credit card payments. Due to the operation of LN/LN interest products coming to an end on December 12, it will stop accepting new deposits and paying interest on LN/LN interest products.
As was previously reported, Line established a Singapore-based company to operate its own cryptocurrency exchange in 2018. The business, which was formerly known as BitBox, changed its name to Bitfront in February 2020 and relocated there. The exchange has scaled back some of its operations in recent years, and in August 2021, South Korean services will be discontinued. Despite being a smaller cryptocurrency exchange, Bitfront now enjoys large trade volumes. Data from CoinGecko shows that Bitfront trades a total of five cryptocurrencies, including Tether and Bitcoin, with a daily trading volume of $55 million.