Line Corporation, a Japan based internet company, has announced two major additions to its companies in a press release published today. BITBOX, Line’s crypto exchange, has added TRON to its newly launched platform. Meanwhile, Unblock corporation, Line’s subsidiary, has also launched a $10 million corporate token venture fund: “Unblock ventures ltd.”
9 million TRON tokens will be airdropped for BITBOX users between now and August 22nd. Youngsu Ko, CEO of Line’s Singapore branch LINE Tech Plus, said, “Integrating TRON (TRX) with BITBOX will enable us to connect with the world’s fastest-growing blockchain project. TRON has a solid tech platform, especially now it has joined forces with BitTorrent. We look forward to building a strategic partnership with TRON and offering our users the best experience available in the cryptocurrency space.”
Justin Sun, TRON’s founder and CEO, expressed his delight in collaborating with BITBOX. “We will use our expertise in the industry to help LINE provide fast and secure cutting-edge crypto exchange services. By joining this vibrant project, we aim to reach a broader audience, extend our services to mobile, and connect the dots with our other products, which have more than 100 million users (BitTorrent, Peiwo, etc.),” said Sun.
Unblock Ventures Ltd.
Heewoo Lee has been appointed as the CEO of the Hong Kong-based fund. The new fund, with capital provided by another one of Line’s companies – LVC Corporation – will focus on supporting innovative blockchain startups.
Last week, Singapore-based venture capital firm, Golden Gate Ventures, also launched a $10 million fund to invest in crypto and blockchain startups.
Earlier this week, Crypto Fund Research, based in Rohnert Park, CA reported that 96 crypto funds have been launched this year. It is expected that the number will hit 165 by the end of this year. 156 crypto funds were launched in 2017, however, the number was much lower in 2016. Together with 2016’s 42 crypto funds, a total of 466 funds have been recorded by Crypto Fund Research.