The fund will be operated by Line’s Korea-based blockchain subsidiary Unblock 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 USD 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 did not provide further details.
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’s second major crypto move this year following the launch of its BitBox exchange in July 2018.
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