Line courier company continues to move into the cryptographic space after it announced the launch of a $ 10 million investment fund.
The fund will be operated by the subsidiary Blockchain based in Korea, Unblock Corporation, which has the task of research, education and other services related to blockchain. The fund will be called Unblock Ventures and will initially have a capital fund of $ 10 million, but Line said it is likely to increase over time.
The company said that the fund will focus on investments from the start of the initial stage, but did not provide more details.
Line is listed in Tokyo and on the NYSE. This fund makes it one of the first listed companies to create a dedicated crypto investment vehicle. The objective, he said, is "to promote the development and adoption of cryptocurrencies and blockchain technology".
Line claims almost 200 million users of its messaging application, which is particularly popular in Japan, Taiwan, Thailand and Indonesia. The company also offers a range of connected services that include payments, social games, taxi rides, food deliveries and more.
This marks Line's second major cryptographic move this year after the release of its BitBox exchange last month. Not available in the US UU Or Japan at the moment, but Line plans to close ties with its messaging service and other features later on.
These movements towards cryptography occur despite a severe fall in the valuation of space this year record in January, which saw the value of a Bitcoin touch almost $ 20,000 and Ethereum, among others, increased. In the months since then, however, many cryptocurrencies have seen their valuations decline. This week, Ethereum fell below $ 300 in what is its first major price crisis. Bitcoin has gone up and down for many years, although the January valuations took the extremes to a new level.
Note: The author owns a small amount of cryptocurrency. Enough to understand, not enough to change a life.