As large corporations continue to seek avenues for entering into the digital currency industry, the Asian messaging giants, LINE, has announced the plans to launch a USD 10 million crypto capital fund pool.
The crypto capital fund pool will be used to help early-stage startup investments. It is an interesting move by the messaging company as it bids to tighten its grip on the cryptocurrency industry.
Crypto capital fund pool announcement
The marriage between social media and cryptocurrency is a strange affair and would have the relationship status of ‘complicated’ if it had a Facebook page. The online messaging corporation LINE is a Japanese subsidiary of the South Korean internet search giant, the Naver Corporation, and has announced its plans going forward to launch a crypto capital pool fund.
LINE will work together with its Korean-based blockchain subsidiary, Unblock Corporation, whose job it is to research other blockchain related services. The fund will be named Unblock Ventures, and will eventually increase the crypto capital fund from the initial USD 10 million over time. Although LINE has mentioned that the fund will focus on “early-stage startup investments”, at this stage the details are still thin on the ground.
With this breaking news, LINE will become one of the first-ever publicly traded companies to offer a crypto capital fund. LINE is already listed on both the Tokyo stock markets and the NYSE. The move will no doubt edge LINE towards their objective that is “to boost the development and adoption of cryptocurrencies and blockchain technology.”
With over 200 million users of its messaging application, LINE has a massive scope, especially in Japan, Thailand, Indonesia and Taiwan that could be instrumental in penetrating the Asian crypto sector.
LINE’s recent crypto exchange venture
This is not the first time in recent weeks that LINE has announced plans to enter the crypto affray. The messaging giants made a massive announcement in July that it would be launching its BitBox crypto exchange, which in tandem with the new crypto capital fund pool, outlines the seriousness of the company’s plans to carve out a share of the crypto industry.
Although the exchange is still not available in both the USA or Japan, when officially launched, it will have massive exposure across LINE’s already-vast customer base.
When speaking to Bitcoin Magazine in July, Edward Lee, the project manager at BitBox was very excited about the venture and said, “The launch of BITBOX is part of our long-term strategy to become a leader in fintech services, and it shows our commitment to fulfilling the growing demand for more diverse financial options. We are trying to provide a user-friendly service for those who may have felt intimidated by the world of cryptocurrency. With BITBOX, Line users will be able to access cryptocurrencies more easily, while also being assured of state-of-the-art security measures to protect their assets. In addition, we also plan to develop a mobile version of social features for BITBOX.”
With the launch of the exchange and the new crypto capital fund pool, LINE is looking to become a major player and have the tools and potential exposure that could make its mark.
I am very experienced writer/blogger who has been an active member of the cryptocurrency community for several years. I have experience writing for crypto news sites and proactively been involved in the startup of other ICO and crypto ventures over the course of the past four years.