Japanese LINE is launching a blockchain venture fund worth USD10 million

August 16, 2018


Japanese LINE is launching a blockchain venture fund worth USD10 million

Japanese mobile messaging giant LINE is launching a USD10 million token venture fund.

According to the official statement, the Hong Kong based fund will be established by LINE’s subsidiary unblock corporation and will focus on blockchain startups.

“Unblock ventures focuses on token investments and has a capital commitment of USD10 million, made by LVC Corporation (another LINE group company). Additionally, unblock ventures’ token fund is expected to expand in the future, according to the growth of the blockchain market,” the announcement reads.

LINE explains that by launching the new corporate token fund, it wants 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,” it says.

This was not the only announcement from Line. It also mentioned that it has added global decentralized blockchain platform TRON to BITBOX, LINE’s recently launched cryptocurrency exchange.

The company informed that in addition to celebration of TRON’s listing on BITBOX, 9 million TRON coins will be airdropped to users on BITBOX, in a promotional event running until August 22.

CEO of LINE Tech Plus Youngsu Ko told that integrating TRON with BITBOX will enable them to connect with the world’s fastest-growing blockchain project.

“TRON has a solid tech platform, especially now it has joined forces with BitTorrent. We look forward to building a strategic partnership with TRON and offering our users the best experience available in the cryptocurrency space,” he told.

Justin Sun, founder and CEO of TRON said that they will use their expertise in the industry to help LINE provide fast and secure cutting-edge crypto exchange services.

“By joining this vibrant project, we aim to reach a broader audience, extend our services to mobile, and connect the dots with our other products, which have more than 100 million users (BitTorrent, Peiwo, etc.). We are looking forward to working further with LINE on more product integration,” he told.