LINE, Japan’s major messaging app, is launching an innovative corporate token venture fund, Unblock Ventures. The fund is to have $10 million as capital for emergence in the crypto and blockchain industry. At present, LINE, on its messaging app, has more than 600 million registered users as well as more than 200 million monthly dynamic users worldwide. The social media giant earlier this year launched “BITBOX,” a crypto exchange. BITBOX is at present operational.
The main aim of Unblock Ventures, according to LINE, is to “boost the development and adoption of cryptocurrencies and blockchain technology.” It also aims to meet this by investing in blockchain start-ups.
Further, the company also reveals that TRON’s native token, TRX, has been added to BITBOX. This is the first coin venture that gets the thumbs up in its review by the open-listing committee of BITBOX.
BITBOX Promotional Event till August 22nd
As a part of the celebration of the listing of TRX, LINE is partnering with Tron. Via this partnership, it is to airdrop 9 million TRX tokens to each one of its BITBOX users. For this, a promotional event will be running until August 22nd.
The CEO of LINE Tech Plus, Youngsu Ko, a Singapore-based subsidiary controlling BITBOX, shows affection towards the venture. He says,
“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.”
Furthermore, LINE says that the inclusion of Tron is one of its first steps to ensure its customers have admittance to a varied set of coin options. his will be supported by a user-friendly, well-organized, and safe user-centric service.
$10 Million not the Quintessential Element of Unblock
On the other hand, $10 million is not going to be the quintessential element of Unblock. That’s because LINE has plans for expansion of the fund together with the development of the blockchain industry. If everything goes as per plan, Unblock Ventures should assist to enhance the growth and acceptance of cryptocurrencies and blockchain technology all through the world.
The firm details,
“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 public company to formalize token investments through a corporate fund.”
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