Token Venture Fund Launched By Japan’s Chat Giant Linebr>
Japan-based social messaging platform Line has launched a $10 million corporate token venture fund to invest in blockchain startups.
The new venture fund, called Unblock Ventures, is part of the messaging giant’s effort to boost technological development in the crypto and blockchain sector. The fund will be managed by Line’s subsidiary Unblock Corporation and will focus on token investments. The $10 million capital was provided by LVC Corporation, another subsidiary of the Line group.
“By launching this new corporate token fund, Line is aiming to boost the development and adoption of cryptocurrencies and blockchain technology,” the company said. “As such, Line is one of the first publicly traded corporations to formalize token investments through a corporate fund.”
The Japanese messaging giant also announced that it has added TRON (TRX) to its recently launched cryptocurrency exchange BitBox. Line said TRX is the first coin project to pass the review process by the Bitbox open-listing committee.
“Integrating TRON (TRX) with Bitbox will enable us to connect with the world’s fastest-growing blockchain project,” said Youngsu Ko, CEO of Line Tech Plus, Line’s Singapore-based subsidiary that operates Bitbox. “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.”
TRON is a decentralized content entertainment protocol based on blockchain technology. The protocol allows each user to freely publish, store, and own data. TRX is currently the 11th-largest cryptocurrency by market capitalization.
“We are very excited to partner with Line on their launch into the cryptocurrency space,” said Justin Sun, founder and CEO of TRON. “We will use our 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.”