What’s Going On?
Unblock Ventures – a subsidiary of messaging heavyweight LINE – has launched a $10m token fund for investing in early-stage blockchain startups.
Why Does It Matter?
LINE is not doing this in isolation – the Japan-based company also announced it had added TRON to its recently launched cryptocurrency exchange, BITBOX. Global blockchain platform TRON (TRX) is the first coin project to pass the BITBOX open-listing committee’s review process, explained LINE in an official announcement.
The TRX listing demonstrates LINE’s commitment to diversifying customer options and the development of its cryptocurrency exchange business, said the company. A nine million TRX airdrop campaign is due to run until August 22nd, 2018.
Who Holds The Purse Strings?
While Korea-based Unblock Ventures will be the new $10m fund’s manager, the $10 million capital is solely provided by LVC Corporation, another subsidiary of the LINE group, reported CoinDesk. LINE said it expects to increase the fund total based on blockchain industry developments.
“Integrating TRON with BITBOX will enable us to connect with the world’s fastest-growing blockchain project,” said Youngsu Ko, CEO of LINE Tech Plus, LINE’s Singapore-based subsidiary that operates BITBOX. “TRON has a solid tech platform, especially now it has joined forces with BitTorrent. We look forward to building a strategic partnership with TRON and offering our users the best experience available in the cryptocurrency space.”
Justin Sun, Founder and CEO of TRON, said: “We will use our expertise in the industry to help LINE provide fast and secure cutting-edge crypto exchange services. By joining this vibrant project, we aim to reach a broader audience, extend our services to mobile, and connect the dots with our other products.”