Line is a messaging service that’s particularly popular in Asia. The messaging app has more than 200 million users largely focused in markets like Thailand, Japan, and Taiwan. It has been making significant moves recently into the cryptocurrency space. The company launched its BitBox crypto exchange last month but it’s not available in the United States or Japan due to regulatory challenges. It has now announced the launch of a dedicated cryptocurrency fund.
In its bid to develop a blockchain startup ecosystem, Line subsidiary Unblock Corporation has launched “unblock ventures ltd.,” a corporate token venture fund. Line’s blockchain subsidiary will be operating this fund.
This $10 million fund will focus on token investments. The company says that the fund is expected to expand in the future in keeping with the growth of the blockchain market. The fund will be focused on making early-stage startup investments. Line hasn’t provided any additional details about how this fund will be managed and operated.
Line is thus one of the first publicly traded companies in the world to launch its own cryptocurrency investment fund. For those who are unaware, Line is listed in both Tokyo and the New York Stock Exchange. It remains to be seen just how big the capital pool for this fund will become down the line.