The largest Japanese messenger Line has launched a venture Fund with a capital of $10 million
The largest Japanese messenger Line has launched a venture Fund with a capital of $10 million aimed at financing the blockchain projects. Funds were provided by a subsidiary Line — LVC Corporation. The Fund will be implemented through the valley Ventures, a newly created division of the company.
Token-the Fund is focused on investments in blockchain startups that are being launched. Such actions are aimed at the development of the industry and improve the level of technological development. Also, the company’s management notes that the Fund’s capital may be increased in accordance with the pace of development of blockchain technologies.
In July, the messenger has launched a platform for cryptocurrency trading Bitbox. The establishment of the Fund is the next step, which will allow the company to strengthen its position in the cryptocurrency sphere. It was also announced that Bitbox added support for token TRX. The release of this news had an impact on the course of bitcoin: the price of the asset increased by 12%, according to CoinMarketCap.
Earlier it was reported that the Line plans to focus on the study of the blockchain and application development. For this purpose it is planned to open a subsidiary in South Korea.