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All about Bitfront, the crypto exchange platform that shut down

According to its website, BITFRONT serves as the main exchange platform for the core products in LINE’s blockchain business.

November 29, 2022 / 02:25 PM IST
Representative image

Representative image

Bitfront, a US crypto exchange backed by Japanese social media firm Line Corp, said on November 29 that it has suspended new sign-ups and credit card payments and will cease operations in a few months despite efforts to overcome challenges in the rapidly evolving industry.

Bitfront is headquartered at San Francisco Bay Area, Silicon Valley, West Coast. According to its website, BITFRONT serves as the main exchange platform for the core products in Line's blockchain business.

Driven by a contribution-rewarded business model, Bitfront was the exclusive platform for listing digital tokens based on the Line Blockchain Platform and for trading Line's digital tokens with other major tokens.

Bitfront was launched by Japanese social-media company Line in 2020. LINE will now shift its focus from the exchange to its native blockchain and token.

Also Read | Crypto lender BlockFi files for bankruptcy protection in US

Bitfront said the move is unrelated to recent issues among certain crypto exchanges that have been accused of "misconduct".

Also Read | Venture capitalists flock to blockchain firms in third quarter: Pitchbook

Bitfront is one of several crypto companies that have been forced to cease operations during the yearlong cryptocurrency bear market. FTX filed for bankruptcy earlier this month following a liquidity squeeze.

Moneycontrol News
first published: Nov 29, 2022 02:25 pm