LINE, the Japanese messaging giant, has today announced the launch of its token venture fund.
The Token venture fund will have a capital commitment of $10 million USD via LINE’s subsidiary, Unblock Ventures. Unblock Ventures was recently established in Hong Kong in only July of this year.
Token Venture Fund
The publicly traded LINE made the announcement earlier today and said its goal is to invest in blockchain startups with the ambition of boosting technological development.
Unblock Ventures, will manage the fund but the actual capital of $10 million will be provided by LVC Corporation — another subsidiary of the LINE group. As blockchain technology develops, and industry as a whole grows in the future, the company is expecting to increase the size of the fund.
A Broader Ambition
LINE’s token venture find is apart of the company’s wider push into the cryptocurrency sphere, whereby it was only a month ago that the company started the operation of Bitbox; its cryptocurrency trading platform.
And further from that, also announced yesterday was the arrival of TRON’s native coin TRX, to the Bitbox exchange. The coin was listed on the exchange for trading after Bitbox conducted a review process. Subsequently, the listing saw the price of TRX soar 12% as according to CoinMarketCap in the 24-hour period following the announcement.
At the time of writing, TRX is still performing well:
The Future is Busy
Of course, LINE isn’t stopping there, keen to truly break into the blockchain space, the company is also launching another subsidiary which will be based in South Korea. Here, the new company will focus on researching blockchain technology and developing potential applications.
Watch this space.
Featured Image: Google Images/LINE