Line shuts down crypto exchange to focus on blockchain and LN token

The Japanese messaging huge Line has actually chosen to close down its cryptocurrency exchange company amidst the continuous crypto winter season.

Line-owned crypto exchange Bitfront formally revealed on Nov. 27 a strategy to totally shut down the platform by March 2023.

According to the declaration, the closure was driven by the continued cryptocurrency bearishness and other problems in the crypto market.

In spite of the exchange’s closure, Line will still continue to run its other blockchain endeavors, consisting of the Line blockchain environment and Link (LN) token, the statement notes, specifying:

“In spite of our efforts to conquer the difficulties in this rapidly-evolving market, we have actually regretfully identified that we require to close down Bitfront in order to continue growing the Line blockchain environment and Link token economy.”

Bitfront likewise highlighted that the choice to close the exchange was produced the “benefit” of the Line environment and is unassociated to the continuous market scandal including the FTX exchange.

According to the statement, Bitfront will take a steady technique to suspend its services, stopping signups and charge card payments on Nov. 28. The platform then prepares to suspend extra deposits and interest payments of LN interest items and continue with the associated LN withdrawals by mid-December.

By the end of December, Bitfront intends to stop all cryptocurrency and fiat deposits along with trading suspension and cancellation of open orders. Overall suspension of withdrawals is set up for March 31, 2023, while consumers would be still able to declare their possessions in various jurisdictions of the United States.

As formerly reported by Cointelegraph, Line introduced its exclusive crypto exchange in 2018 as a Singapore-based company. Initially referred to as BitBox, the business was rebranded to Bitfront and transferred to the U.S. in February 2020. The exchange has actually been downscaling a few of its operations recently, suspending services in South Korea in August 2021.

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In spite of being a smaller sized crypto exchange, Bitfront has substantial trading volumes at the time of composing. According to information from CoinGecko, Bitfront’s day-to-day trading volume amounts to $55 million, with the exchange trading an overall of 5 cryptocurrencies, consisting of Bitcoin (BTC), Ether (ETH), Link, Litecoin (LTC) and Tether (USDT).