The current crumbling crypto market conditions appear to be no deterrent to tech and communications companies that are clamoring to get in on the action. South Korean messaging firm LINE is upping the game with the launch of a $10 million crypto investment fund.
Unblock Ventures Crypto Fund
According to the announcement, LINE’s Korean blockchain subsidiary, Unblock Corporation, will be operating the fund. The initial capital pool for the corporate token venture fund, named Unblock Ventures, will be $10 million which will be made by another Line Corporation company, LVC Corp. The fund is expected to expand in the future in line with growth in the blockchain sector. The company added;
“By launching this new corporate token fund, LINE is aiming to boost the development and adoption of cryptocurrencies and blockchain technology. As such, LINE is one of the first publicly traded corporations to formalize token investments through a corporate fund.”
LINE is big in Asia and has over 200 million users, mostly in Japan, Korea, Thailand and Indonesia. It is based in Japan and listed in Tokyo and on the NYSE whereas the parent firm, Naver Corp, is based in Korea. The firm’s reach goes beyond messaging platforms as it also offers payment services, food delivery, social gaming and taxi services.
Tron Listed on BITBOX, Airdrop Inbound
The new crypto fund marks LINE’s second big foray into the industry this year. In June NewsBTC reported that LINE launched its own crypto exchange, BITBOX, which is based in Singapore. Yesterday it announced that it was adding Tron (TRX) to its listings on the exchange. The firm also added that it was “now accepting applications from other coin projects that want to join the exchange and that are prepared to undergo a thorough evaluation process.”
An airdrop was also announced to celebrate the new addition with 9 million Tron coins to be airdropped to users on BITBOX, in a promotional event running until August 22. CEO of LINE Tech Plus, the firm’s Singapore-based subsidiary that operates BITBOX, Youngsu Ko, said;
“Integrating TRON (TRX) with BITBOX will enable us to connect with the world’s fastest-growing blockchain project. 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.”
TRX prices jumped 11% on the announcement yesterday but fell back to $0.0198, up just 1% on the day at the time of writing.