The most popular instant messaging app in Japan and a popular name in most South-East Asian nations, LINE has been showing an active interest in the world of cryptocurrencies of late. Today, LINE launched a token venture fund via their subsidiary firm Unblock Ventures, where they have pledged $10 Million for the benefit of those startups which are operating in the blockchain space.
The setting up of this fund was announced via an official press release from the company. They have stated their objective behind investing in blockchain firms is to boost the technological development. The fund will be provided to Unblock Ventures by LVC Corporation, which is another subsidiary of LINE. The company also states in the press release that the fund might even expand in the future.
Unblock Ventures was incorporated in July 2018 and Heewoo Lee has been assigned as the CEO of the firm. In their press release, LINE states:
By launching this new corporate token fund, LINE is aiming to boost the development and adoption of cryptocurrencies and blockchain technology. As such, LINE is one of the first publicly traded corporations to formalize token investments through a corporate fund.
This announcement of LINE setting up a $10 Million fund for blockchain startups comes just a month after the company launched its cryptocurrency trading platform, Bitbox. Earlier today, LINE also made an announcement that Bitbox would now support Tron (TRX) cryptocurrency tokens. Following this listing announcement, the price of Tron surged by 12% – even in a market which is facing a significant slowdown.
By setting up this $10 Million venture token fund, LINE has proven that they are serious about their operations in the crypto business – and that their interests are quite broad, which extend beyond just cryptocurrencies. The TRX partnership is also another good step forward from the firm.
