CoinDesk reports that the Japanese messaging giant LINE has launched a cryptocurrency venture fund with the initial capital of $10 million. This commitment has been channeled through Unblock Ventures, a subsidiary through which LINE seeks to implement the crypto move.
In a press release, the firm revealed that it intends to participate in the blockchain technology advancement by investing in digital currency start-ups.
Per the release, Unblock ventures will be the firm’s sole fund manager. Meanwhile, the statement further says that the $10 million seed capital is “solely provided by LVC Corporation which is another offshoot of the LINE group. As part of the firm’s future plans, LINE group seeks to expand the capital size depending on the demand in the cryptocurrency space.
Just a month ago, LINE group reportedly launched the operation of a digital token trading platform that it developed. Therefore, the launching of the fund manager is widely construed as an all-out push in the blockchain technology by the publicly traded LINE group.
The trading platform, called Bitbox, has already made huge strides by listing Tron (TRX), the digital token developed by the Tron network. While the news added some positive numbers on the performance of TRX, it greatly boosted the outlook of Bitbox. The market sentiment at the moment is fair and the trading platform is looking at more good news in the future, both near and distant.
Blockchain technology research
Back in April, Media sources reported that LINE was actively involved in plans to set up an offshoot in South Korea that would be responsible for researching the additional potentials of blockchain technology. As much as the benefit of the research findings are aimed at boosting the operations of the Japanese firm while at the same time sharpening its competitive edge in the blockchain industry, it could boost the overall cryptocurrency space as well. This way, new tools will be available for exploitation. Eventually, the ultimate gain will be for blockchain technology itself.