LINE Launches 10 Million Dollar Token Venture Fund
LINE Launches a venture fund
LINE, a Japanese messaging company has started a token venture fund. The company has launched the platform with a commitment of 10 million dollars through its new subsidiary Unblock Ventures. The firm announced the fund in a press release noting that it plans to invest in Blockchain venture companies so as to boost technology.
LINE’s subsidiary Unblock Ventures was incorporated in Hong Kong and has been set to become the fund’s manager. However, the 10 million dollars will be provided by another subsidiary of LINE called LVC Corporation. In the statement LINE stated that it will increase the fund amount depending on the development that will have been achieved in the Blockchain industry.
This latest launch is in line with the current push by LINE to explore the cryptocurrency industry. Last month the company launched its first crypto trading platform known as Bitbox. In today’s announcement, it was also confirmed that Bitbox has listed TRX which is a token launched in June this year belonging to TRON. TRX is officially the first crypto project to be listed on the platform after review by the Bitbox officials. After the news that TRX had been added on Bitbox, the digital currency rose up by 12 percent. This rise has occurred during a time when the cryptocurrency market is having a hard time. This week most of the digital currencies have dropped.
The most popular digital currency Bitcoin has already lost about 70% of its value and is currently trading at around 6,000 dollars. This latest drop has also seen Ethereum and Ripple having massive drops. In general, the cryptocurrency sector lost about 25 billion dollars in the last one week.