Messaging company Line has announced the launch of a $10 million investment fund.
The fund called Unblock Ventures will have a capital pool of $10 million with it likely to increase over time.
It will be operated by Line’s Korea-based blockchain subsidiary Unblock Corporation, which is tasked with research, education and other blockchain-related services.
According to the company, the fund which is focused on early-stage startup investments will be one of the first publicly traded companies to create a dedicated crypto investment vehicle.
The objective, it said, is “to boost the development and adoption of cryptocurrencies and blockchain technology.”
Line with almost 200 million users offers a range of connected services that include payment, social games, ride-hailing, food delivery and more.
This new initiative marks Line’s second major crypto move this year following the launch of its BitBox exchange last month.
The service is currently unavailable in the U.S. and Japan.
By: StephanieHorsu/techvoiceafrica.com
