Line Announces $10 Million Dollar Cryptocurrency Fund
August 18, 2018 3:05 pm
Line, the Chinese messaging app has announced the launch of a $10 million investment fund which is geared towards cryptocurrency startups.
Unblock Corporation, Line’s South Korean subsidiary will be in charge of operating the fund. This business arm will be called Unblock Ventures. The company stated that the overall fund will increase over time.
As per TechCrunch, this fund by Line is focused towards upcoming startups. According to Line’s press release, their objective is to boost the adoption and development of blockchain technology and cryptocurrencies.
Line has an expansive presence in Thailand, Taiwan, Japan and Indonesia with a user base of up to 200 million users. The messaging app also offers a payment platform, social games, ride-hailing, a food delivery service and more as a part of its products and services.
Line is presently listed on the New York Stock Exchange and Tokyo Stock Exchange. This fund creation has made Line one of the first publicly traded global company that has created a fund for cryptocurrency startups.
The press released that was published by Line also mentioned that the messaging giant as added Tron (TRX) cryptocurrency to its newly launched crypto exchange Bitbox. Notably, Tron is the first cryptocurrency that passed Bitbox’s review process through an open-listing committee. 9 million TRX tokens will be airdropped to Bitbox users till 22 August 2018.
The review process is quite stringent though it provides an equal opportunity to all cryptocurrencies to get listed.