South Korean messaging firm Line has increased its focus on cryptocurrency even further with the launch of $10m investment fund dedicated to the space.
The token venture fund is to be operated by the ‘Unblock’ subsidiary, which was formed by Line to specialise in research and education around blockchain technology earlier this year. It will be named ‘Unblock Ventures’ with its initial capital coming from LVC Corporation, another one of Line’s subsidiaries.
Line says that the aim of the fund is to encourage the development and adoption of cryptocurrencies and blockchain technology – with a focus on investing in blockchain startups. It expects the fund to expand in the future, dependent on the growth of the blockchain market.
The Naver Corporation subsidiary announced the crypto investment fund alongside the news that it had added Tron, a decentralised blockchain platform, to its recently launched crypto exchange, Bitbox.
Bitbox was launched in July across the world – except in the US and Japan – with more than 30 cryptocurrencies able to be exchanged and support for 15 languages excluding Japanese.