Bitfront – a cryptocurrency exchange platform launched in 2020 by Japanese social media company LINE – will now cease its operation following the announcement that was made on Monday.
With the development, new sign-ups and credit card deposits will be stopped immediately while the platform’s users were given until March 31 next year to take out their funds.
The exchange was quick to clarify that its business decision is in no way related to the case of some of its competitors that were reportedly accused of misconduct.
According to the announcement made by LINE, it will now turn its focus on its native decentralized finance (DeFi) network and its LINK token.
“Despite our efforts to overcome the challenges in this rapidly evolving industry, we have regrettably determined that we need to shutdown Bitfront in order to continue growing the LINE blockchain and LINK token economy,” said the corporate announcement.
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