The messaging giant from Japan “Line” has made a major announcement pertaining to its business in the cryptocurrency industry.
According to the latest reports, Line has decided that it is going to shut down one of its businesses in the cryptocurrency industry.
Line to Shutdown Bitfront
According to the officials, the cryptocurrency exchange known as Bitfront, which they have been running for a while will be decommissioned.
In the latest announcement, the executives have cited the crypto winter that has been ongoing for a while. Due to the market uncertainty caused by the crypto winter, they have decided to shut down the exchange.
The teams running the exchange announced on November 27 that they held a meeting to discuss the future of Bitfront. They went through all the possibilities about the future of the exchange amidst the market downtrend.
However, they have decided that it is better they discontinue their exchange’s operations in light of the recent developments.
Due to the recent FTX debacle followed by its contagion, investors are losing trust in cryptocurrencies. They are not as excited to become part of the crypto-verse as they were in the past.
Therefore, it is important that they make the right decisions that ensure the future of their business.
The Line officials have confirmed that they have decided that they will shut down their operations in March 2023. The constant bearish market trend has driven the company to make the decision for Bitfront.
Line to Continue Working on Link Token
Apart from the exchange, Line has been working on the development of the Line blockchain. They are eager to launch their own ecosystem in the crypto blockchain industry.
They are also working on the development of the native token “LN”. The company wants to continue with the development of the token and has no intentions of stopping the development work.
According to the officials, they are getting ready to expand their business in the cryptocurrency and blockchain industry.
Although they have put an end to the exchange, they will continue with other developments in the crypto-blockchain industry.
The officials have communicated that shutting down the exchange will allow their development teams and resources to focus on other crypto projects.
The development of the LN token and the Line blockchain ecosystem will have their complete focus and attention.
No Link with FTX
The Line officials have also provided clarification on uncertainty that involves the collapse of the FTX exchange. They have claimed that they have no connection with the FTX exchange.
However, they are concerned with the contagion and the downfall that has spread following the crash of the FTX exchange.