LINE, a big messaging app in Japan has launched a token venture fund with a capital duty of $10 million by means of its recently established subsidiary called Unblock Ventures.
The openly traded firm reported the fund in a release on Wednesday and said it plans to put resources into blockchain new companies for them to help innovative advancement.
While Unblock Ventures, consolidated in Hong Kong in July, will be the fund’s manager, the $10 million capital is exclusively given by LVC Corporation, another subordinate of the LINE group. The organization said it hopes to expand the total amount of the fund later on in view of the advancement of the blockchain business.
The present launch is a part of LINE’s more extensive push into the cryptocurrency space and comes only after a month it formally began the activity of its cryptocurrency platform known as Bitbox.
It was also declared today that Bitbox has listed TRX – the local token of the June launched TRON blockchain – as the main crypto project listed on the exchange for trading following an audit procedure led by a devoted Bitbox committee. Following the news, the 24-hour trading price of TRX hopped by 12 percent, based on data from CoinMarketCap.
In April, CoinDesk announced that LINE was also planning to launch an auxiliary situated in South Korea that will center around exploring blockchain innovation and creating potential applications.