$10 Million Token Venture Fund Launched By LINE, Lists TRON On Bitbox
LINE, one of the largest messaging app based out of Japan has launched a new corporate token venture fund worth $10 million in capital for startups in the blockchain and crypto industry through its subsidiary “Unblock Ventures.” Established in April 2018, and located in Hong Kong, Unblock Ventures specializes on blockchain technology.
On Wednesday, 15th August, $10 million investment funds was announced which was provided by LVC Corporation. It is another subsidiary of LINE group, Japan’s largest messaging app, and focuses on blockchain startup in order to develop a “Blockchain startup ecosystem”. Through a blog post LINE Corporation added that “By launching this new corporate token fund, LINE is aiming to boost the development and adoption of cryptocurrencies and blockchain technology.”
The company stated,
As such, LINE is one of the first publicly traded corporations to formalize token investments through a corporate fund. The company has assigned Unblock Ventures with the designing of a token economy, developing an accelerator program as the official fund’s manager, and performing market research on cryptocurrencies.
The launch of Unblock Ventures is a sign of LINE’s increased presence in the sector of cryptocurrencies. It has come just a few months after the official launched of cryptocurrency trading platform called Bitbox by the company. The company also revealed that Bitbox has added TRX, the native token of TRON. It was highlighted as the first coin project to receive the green light in a review by Bitbox open-listing committee.
Youngsu Ko, the CEO of LINE Tech Plus stated,
Integrating TRON (TRX) with Bitbox will enable us to connect with the world’s fastest-growing blockchain project.
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