Unfamiliar with Line? Well it’s one of the largest messaging platforms used in Southeast Asia, and now the company is beginning to explore the cryptocurrency space with greater fervour.
To that end Line has announced a crypto fund called Unblock Ventures that will be tasked with looking at potential opportunities with startups.
The fund will have an initial investment of $10 million, with Line noting that more funding will be sourced if required.
Operating the fund will be one of Line’s Korea-based subsidiaries Unblock Corporation (hence the Unlock Ventures name), with the company specialising in education and research in the Blockchain market.
What also makes this particular investment noteworthy, as TechCrunch points out, is that it is the first time a publicly traded company has created a dedicated crypto fund in the region.
This is the second major crypto-related move that Line has made this year, having previously launched BitBox exchange earlier in the year.
The addition of Unblock Ventures is one of a number of services that Line has added to its portfolio in recent years.
With an estimated user base of 200 million, spread across Southeast Asia, Line now has a payment solution, food delivery service, social gaming site and now crypto fund in its stable.
Seeing how the valuation has dipped in recent months, it should prove interesting to see if Line’s fund yields any dividends.