INSUBCONTINENT EXCLUSIVE:
Messaging company Line is continuing to burrow deep into the crypto space after it announced the launch of a $10 million investment
fund.
The fund will be operated by Line Korea-based blockchain subsidiaryUnblock Corporation, which is tasked with research, education and
other blockchain-related services
The fund will be called Unblock Ventures and it&ll initially have a capital pool of $10 million but Line said that is likely to increase
over time.
The company said the fund will be focused on early-stage startup investments, but it didn''t provide further details.
Line is
listed in Tokyo and on the NYSE
This fund makes it one of the first publicly traded companies to createa dedicated crypto investment vehicle
The objective,it said, is ''to boost the development and adoption of cryptocurrencies and blockchain technology.
Line claims nearly 200
million users of its messaging app, which is particularly popular in Japan, Taiwan, Thailand and Indonesia
The company also offers a range of connected services that include payment, social games, ride-hailing, food delivery and more.
This marks
Line second major crypto move this year following the launch of its BitBox exchange last month
It isn''t available in the United States or Japan right now but Line envisages closes ties with its messaging service and other features
further down the line.
These moves into crypto come despite some serious downturn in the valuation of the space this year following record
highs in January which saw the value of one Bitcoin touch nearly $20,000 and Ethereum, among others, surged
In the months since then, however, many cryptocurrencies have seen their valuations decline
This week, Ethereum dropped below $300 in what is its first major price crisis
Bitcoin has, for many years, risen and fallen although January valuations took the extremes to a new level.
Note: The author owns a small
Enough to gain an understanding, not enough to change a life.
