Japanese based social messenger LINE Corporation, has launched a new token venture fund worth $10 million through its subsidiary “Unblock Ventures.” Unblock Ventures which was recently established in April 2018, and located in Hong Kong specializes on blockchain technology.
The $10 million investment fund which was announced on Wednesday, 15 August via a blog post is solely provided by LVC Corporation, another subsidiary of the LINE group and is said to focus on blockchain startups in order to develop a “blockchain startup ecosystem.” LINE Corporation said through the blog post that “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. The company has tasked Unblock Ventures with designing a token economy, performing market research on cryptocurrencies, and developing an accelerator program as the official fund’s manager.
LINE which is said to be estimated an increase in the total amount of the fund in the future based on the development of the blockchain industry. The launch of Unblock Ventures is a sign of LINE’s increased presence into the cryptocurrency sector, coming just a few months after the company officially launched its own cryptocurrency trading platform called Bitbox.
Also announced is that Bitbox has listed TRX, the native token of TRON blockchain as the first crypto project listed on the exchange for trading, CEO of LINE Tech Plus Youngsu Ko said that, “Integrating TRON (TRX) with BITBOX will enable us to connect with the world’s fastest-growing blockchain project.