Line launches blockchain and crypto venture capital fund
Social messaging app Line has unveiled a new blockchain and cryptocurrency venture fund.
Japan-based Line is launching the fund through its Hong Kong subsidiaries Unblock Corporation and LVS Corporation.
On the same day, Line also revealed its crypto exchange Bitbox would list TRX.
LVS Corporation has already pledged $10m in funding for the new venture capital vehicle.
Line said the fund, known as Unblock Ventures, was set up as a corporate token fund with the aim of boosting the development and adoption of cryptocurrencies and blockchain technology.
It becomes one of the first publicly traded corporations to initiate token investments through a corporate fund.
Line is quoted on both the New York and Tokyo stock exchanges, having raised over $1bn through an IPO in 2016.
The move demonstrates the ongoing enthusiasm from Asian-based companies for crypto and blockchain investments.
This is despite regulatory crackdowns in the crypto space by certain governments in the region.
Along with a social messaging app that is currently being used by hundreds of millions of people across Asia, Line also operates a payments service called Line Pay.
Line Pay completed around $4bn in remittances during 2017.
TRX rises on Bitbox listing
Line also announced that TRX, the cryptocurrency belonging to the TRON network, was being listed for active trading on its crypto exchange Bitbox.
Line launched Bitbox only last month through its Singapore subsidiary LINE Tech Plus.
The news helped lift the price of TRX by around 14% in trading on Wednesday.