Messaging Giant LINE Announces New Move Into Crypto Space
Japanese messaging giant LINE has launched a $10 million token venture fund via Unblock Ventures, its recently established subsidiary.
The publicly traded company announced the launch of the venture fund in a release on Wednesday, saying that it aims to further invest in blockchain startups in an attempt to boost technological development.
While Unblock Ventures, the newly established subsidiary in July in Hong Kong, will manage the fund, the capital commitment of $10 million is being solely provided by LVC Corporation, another subsidiary of the publicly traded firm. The company added that it expects to increase the amount of fund in near future based on the development and advancement in the blockchain industry.
The launch of this venture fund represents the LINE Group’s wider push into the crypto space and comes only a month after Bitbox, its cryptocurrency trading platform, officially went live.
In addition to the fund, the company also announced that Bitbox has now listed TRX – the native token of TRON blockchain – as the first cryptocurrency project listed on the platform for trading following a long review process by a dedicated Bitbox team. Following the announcement, the 24-hour trading price of the token jumped by 12 percent, based on data provided by CoinMarketCap.
in April, LINE announced that it was also planning to launch a subsidiary based in S.Korea that would focus on researching the nascent technology and exploring potential applications.