Japanese messaging company LINE has announced plans to launch a dedicated fund of $10 million for early-stage crypto startups.
The funding will be invested through LINE’s blockchain subsidiary unblock corporation, and aims “to boost the development andadoption of cryptocurrencies and blockchain technology.”
Unblock Ventures – based in Hong Kong – will be a dedicated corporate venture fund, and currently has a $10 million capital commitment from LINE group firm LVC Corporation. The move sees LINE become one of the first publicly traded corporations to formalise token investments through a corporate fund.
In the same announcement, it was revealed that LINE has now added blockchain plaform TRON to its recently launched cryptocurrency exchange, BITBOX.
Youngsu Ko, CEO of LINE Tech Plus, said: “Integrating TRON with BITBOX will enable us to connect with the world’s fastest-growing blockchain project. 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.
“We are very excited to partner with LINE on their launch into the cryptocurrency space,” added 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 out other products, which have more than 100 million users. We are looking forward to working further with LINE on more product integration.”