Japanese messaging giant Line appears to be diving deeper into the world of cryptocurrency following its launch of a $10 million token venture fund.
Line’s Third Foray into Crypto
Tokyo-based Line has now become one of the first publicly traded companies to launch its own cryptocurrency investment fund, according to a press release. The news comes just weeks after the multi-billion-dollar corporation raised the curtain on its new cryptocurrency exchange, Bitbox
Line’s latest endeavor, Unblock Ventures Ltd., will purportedly focus on token investments that encourage the adoption of cryptocurrencies and blockchain.
Having hit the ground running with $10 million in funding from a fellow Line subsidiary, LVC, Unblock may be granted additional funding “according to the growth of the blockchain market.”
Judging by the market’s bearish trend, the fund may not wish to hold its breath for a fresh injection of capital any time soon. A severe retracement has seen the majority of cryptocurrencies reach news lows in 2018, with market-leaders Bitcoin and Ethereum down 70 percent and 80 percent from all-time highs, respectively.
Line boasts more than 200 million monthly users throughout Asia, and while the messaging app may be the company’s flagship, it sports a growing list of services including mobile payments, ride-hailing, deliveries and more.
The fund marks Line’s third foray into the crypto space this year. In May, the company announced that it would be building a decentralized app (dApp) ecosystem for Icon’s cross-blockchain platform.
Additionally, Line appears to desire a more active market share of the blockchain industry and recently debuted Tron (TRX) as the first tradeable cryptocurrency on Bitbox.
— BITBOX (@bitbox_official) August 15, 2018
Cover Photo by Nadine Shaabana on Unsplash
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