After 2 years of its development and launch, the Japanese messaging giant will focus on its native blockchain and token, $LN.
BITFRONT is LINE’s global cryptocurrency exchange launched in 2020 in the midst of a crypto bull run. The exchange allows users to trade major tokens, including LINE’s blockchain mainnet token, LINK, in USD markets.
The exchange, previously known as BITBOX is operated by LVC USA INC, a subsidiary of LINE Corporation, it is listed publicly in the Nasdaq and the internet company of the Tokyo Exchange; complying with the applicable regulations and guidance.
LINE is a Japanese-based company that offers a wide variety of products and services to users and projects. Between their vast portfolio, their main service is LINE Messaging, a freeware app for instant communication on multiple platforms, such as smartphones, tablets, and computers. LINE allows users to send texts, and images and conduct free VoIP conversations and video conferences.
LINE Corporation also provides services, such as a digital wallet (LINE Pay), news stream (LINE Today), video on demand (LINE TV), and multiple other services.
On November 27, Bitfront officially announced a plan to completely close down the platform by March 2023.
Bitfront team stated about this closing decision:
“Despite our efforts to overcome the challenges in this rapidly-evolving industry, we have regretfully determined that we need to shut down BITFRONT in order to continue growing the LINE blockchain ecosystem and LINK token economy.”
Bitfront alleged that this decision was taken in the best interest of the success of the LINE Blockchain Ecosystem and the Link token $LN.
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 aims 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, but consumers will still be able to collect their assets in several US states.