LINE launches $10 million token venture fund

Lizzy Murray

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LINE, the Japanese messaging company officially announced the launch of a token venture fund with a $10 million capital commitment.

The messaging giant says they plan to invest in early-stage blockchain startups hoping to increase development and adoption of blockchain technology and cryptocurrencies.

Unblock Ventures is LINE’s recently established subsidiary through which the new token venture fund was launched. LVC Corporation, another LINE subsidiary is the sole provider of the $10 million capital. LINE also said they aim to increase the fund’s total amount as the blockchain industry continues to develop.

The newly launched token venture fund is just another step in LINE’s involvement¬†into the cryptocurrency market. About a month ago, the messaging giant officially launched Bitbox, their cryptocurrency trading platform.

The same announcement says Bitbox’s listing committee¬†approved the TRON (TRX) decentralized blockchain platform. According to CoinDesk, the Japanese company also intends to open a South Korea-based subsidiary with the purpose to research blockchain technology and develop applications.