Japan’s LINE Opens $10 Million Hong Kong Blockchain Venture Fund
Japan’s social media giant LINE announced yesterday August 15 that it has set up a $10 million blockchain venture fund.
The social messaging app stated that it is part of its expansion into the crypto market.
The first of its kind
The venture fund which was launched via Hong Kong-based subsidiary Unblock Corp is made up of funds from LINE sister outfit LVC Corporation.
In its press release, the firm stated that unblock venture token funds is expected to grow in the future, depending on the growth of the blockchain industry. The firm also added:
By launching this new corporate token fund, LINE is aiming to boost the development and adoption of cryptocurrencies and blockchain technology.
This latest development means that LINE is the first publicly traded corporations to formalize token investments through a corporate fund.
Despite the bear market, the Japanese social media firm that gone ahead with its cryptocurrency integration this year.
BITBOX exchange launched in July
In April, the firm launched unblock which was later followed by the platform’s cryptocurrency exchange BITBOX that began operation in July.
Even though LINE still has plans to develop its own blockchain and support Dapps, it has started with opening its own crypto exchange.
The Singapore based BITBOX was launched last month. At the time, the firm announced that the exchange will list thirty cryptocurrencies including Bitcoin, will only support cryptocurrency trading pairs and will not accommodate fiat-to-cryptocurrency trading.
The exchange was made available for users all over the world bar Japan and the United States due to regulatory issues.
LINE, however, revealed that it has submitted an exchange application to Japan’s Financial Services Agency, which is now under review.
BITBOX cryptocurrency exchange yesterday confirmed that TRON would be the next cryptocurrency to begin trading on its books.
An official at LINE noted that the acquisition of P2P platform operator BitTorrent Inc. in July by TRON played a major role in getting the coin to be listed on BITBOX exchange.
On its blockchain platform, Line’s chief technology officer Euivin Park noted that the company’s new blockchain developed wouldn’t be developed as part of the company’s existing products.
It would make use of the token economy to fast-track the development of dApps.