LINE, Japan’s largest messaging app, launched “Unblock Ventures,” a $10 million token venture fund focusing on blockchain startups and initial coin offerings (ICOs).
The launch of this new “corporate token venture fund” was announced alongside the listing of TRON (TRX) on Bitbox, LINE’s newly-established cryptocurrency exchange, in a press release published on August 15.
According to the press release, Hong-Kong based Unblock Ventures is a “measure to develop a blockchain startup ecosystem” that aims to “boost the development and adoption of cryptocurrencies and blockchain technology.” Through the launch of Unblock Ventures, LINE has become “one of the first publicly traded corporations to formalize token investments through a corporate fund.”
The company also noted that they expect the new corporate token venture fund to “expand in the future, according to the growth of the blockchain market.”
LINE’s new blockchain fund complements its recently announced launch of the Bitbox cryptocurrency exchange, which seeks to tap into LINE’s 200 million global active monthly users. TRON became the “first coin project to pass the review process by the Bitbox open-listing committee” and be listed on the new exchange.
TRON has a market cap of about $1.3 billion as of August 15, making it the eleventh biggest cryptocurrency project in the world. Apart from its distinguished position in the market, one of the biggest reasons behind TRON’s listing on Bitbox cited by the press release was TRON Founder and CEO Justin Sun’s recent $120 million acquisition of P2P sharing platform BitTorrent.
The press release also noted that the TRON listing has helped prepare Bitbox’s open-listing community to handle more token listing applications. Bitbox is now “accepting applications from other coin projects that want to join the exchange and that are prepared to undergo a thorough evaluation process.”