Japanese messaging giant LINE has announced the creation of a $10 million blockchain venture that will focus on investing in cryptocurrency startups, according to the company’s official announcement.
Launched by LINE’s subsidiary, unblock corporation, the capital commitment is made solely by another LINE group company, LVC Corporation. LINE says the fund is expected to grow in the future depending on the development of the blockchain market.
“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,” the announcement said.
Unblock corporation, headquartered in Korea, specializes in in blockchain technology and is tasked with integrating the technology with the company’s products.
Line's release also announces that Bitbox, the company’s cryptocurrency exchange, has added support for TRX, TRON blockchain’s native cryptocurrency. In response to the news, TRX is up almost 11%.