A crypto winter in the market, still the Japanese messaging application chooses to support its blockchain and LN token. This downfall in the crypto market brought the Japanese messaging application to stop its Bitfront crypto exchange.
Line-owned crypto exchange Bitfront announced on November 27 that it plans to completely shut down the platform by March 2023. According to the statement, it was shut down due to the cryptocurrency bear market and other issues in the crypto industry.
Even with the exchange’s shutdown, its other blockchain initiatives will continue, including the Line blockchain ecosystem and Link (LN) token, the announcement notes, stating, “Despite our efforts to overcome the challenges in this rapidly-evolving industry, we have regretfully determined that we need to shut down Bitfront to continue growing the Line blockchain ecosystem and Link token economy.”
BitFront emphasized to the industry that the decision to close the exchange was only in the “best interests” of the Line ecosystem and was not related to the ongoing scandal involving the FTX exchange.
BitFront will take a phased approach to close its service card payments, signups, and credits on November 28. Again the platform is final to plan the interest payment plan of the LN interest product and proceed with the corresponding LN withdrawal. In mid-December.
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