Messaging App Firm Launches Token Venture Fund

Japanese messaging app LINE pushes forward into the cryptocurrency space with the launch of its own token venture fund worth $10 million.

In a press release published on August 15, Japanese messaging giant LINE announced the launch of their venture fund, to be managed by its recently established subsidiary, called Unblock Ventures. The venture fund is reportedly worth $10 million. The firm aims to invest in blockchain startup firms to boost technological innovation.

A LINE To the Crypto Space

Line LogoUnblock Ventures was incorporated in Hong Kong last July. The $10 million capital is provided solely by LVC Corporation, another subsidiary of LINE. The firm says they aim to increase the total amount of the fund in the future based on how the blockchain industry develops.

The launch of their token venture is part of LINE’s expansion into the cryptocurrency industry. The news also comes a month after the firm officially started the operations of its own crypto trading platform, dubbed Bitbox.

The firm also revealed today that Bitbox is listing TRX, the native token issued by the TRON blockchain, as the first crypto project listed on the exchange. After the announcement, TRX’s trading price jumped up by 12 percent.

In April, LINE was also reportedly planning the launch of a South Korean subsidiary that would focus on the development of blockchain apps.

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