LINE Messaging App, an established giant in Japan, has created a new corporate token venture fund worth $10 million in capital for supporting startups in the blockchain and crypto industry.
Currently LINE boasts of over 600 million registered users and 200 million monthly active users worldwide. LINE recently announced its grand entry into the cryptocurrency space after filing to register and launch a crypto exchange in Japan through it’s financial subsidiary namely, Linepay.
After being renamed to ‘Bitbox’, LINE has announced the launch of a new token venture fund under its subsidiary ‘Unblock Ventures’ in a move that sees the messaging giant pledging $10 million in capital. The aim, LINE adds, is to ‘enhance the development and adoption of cryptocurrencies and blockchain technology’.
After this announcement, LINE would become one of the first publicly traded corporations to formalize token investments through a corporate fund.
Furthermore, LINE as also announced the addition of TRX Token, TRON’S native token. TRX has been proclaimed as the first coin to pass the review setup of Bitbox open-listing committee.
As of now, Bitbox’s TRX support saw the latter’s value increase nearly 10% in a 24-hour period, data from Coinmarketcap shows. Following its listing, TRON has also started an airdrop for rewarding BItbox users with of 9 million TRON tokens.
Bitbox’s operations began officialy in July itself, excluding USA and Japan(a direct consequence of regulatory hurdles in the two countries.), to serve traders globally.