Line messaging app, the most popular and largest in Japan launches $10 million token venture fund that listed Tron [TRX] on Bitbox platform. This new funding is meant for the blockchain based start-ups. Line entered into the crypto space in the initial phase of 2018 by launching Bitbox, its cryptocurrency exchange that included Tron [TRX] as the first token project that received approval from the committee of open-listing.
The customer base of Line all over the world is huge with active users around 200 million and registered users of 600 million. After the successful registration of the crypto exchange of Line, it is currently functional assuming the name ‘Bitbox’.
The recent announcement of launching token venture fund is under the subsidiary known as ‘Unblock Ventures’. Line envisions to ‘boost the development and adoption of cryptocurrencies and blockchain technology’ with the help of investments in start-ups dealing with blockchain technology.
Line’s blog post
The blog post of Line Corporation stated, “launching this new corporate token fund, LINE is aiming to boost the development and adoption of cryptocurrencies and blockchain technology.” With the addition of Tron [TRX] on Bitbox, it is now first time available for trading. Youngsu Ko, the Line Tech Plus CEO has commented on this occasion, “Integrating TRON (TRX) with BITBOX will enable us to connect with the world’s fastest-growing blockchain project.”
The significant presence of Line in the crypto sector is marked by the launching of Unblock Ventures, following the launch of Bitbox. Unblock Ventures is assigned with the task of conducting market research on digital currencies, planning token economy. It is also dedicated to the development of accelerator program as the manager of the fund.
The addition of Tron [TRX] in Bitbox may actually have a positive impact on the valuation of the cryptocurrency. As per Coinmarketcap, the trading volume in the last 24 hours has been $105.84 million with valuation of $0.022.
After listing Tron on Bitbox, the Tron company has started rewarding the users of Bitbox crypto exchange with 9 million token in airdrop as a “promotional event running until August 22.” However, in July 2018 the official operation of Bitbox begun to provide service to the trader, worldwide.