The social media company and messaging app LINE has announced the creation of a cryptocurrency exchange that will be known as BitBox. The original announcement stated that it would be offering trading services for over 30 different virtual currencies with just 0.1% fee. The interesting thing is that it will be supporting Tron (TRX).
BitBox Exchange Adds Tron (TRX) Support
The exchange will be open to traders from all over the world with the exception of Japan and the United States.
As mentioned, the company decided to add support for Tron (TRX) and also an unexpected $10 million dollars token venture fund. There will be different trading pairs for Tron, including Bitcoin (TRX/BTC) and Ethereum (TRX/ETH).
So as to celebrate the listing of this virtual currency, the social media giant decided to sign a partnership with Tron and give 9 million TRX tokens to BitBox users in the form of an airdrop.
For those interested participants, the promotional event will be running until August the 22nd.
Youngsu Ko, CEO of LINE Tech Plus, a subsidiary located in Singapore that runs BitBox explained:
“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.”
Moreover, Line said that the decision to support Tron was made with the intention to ensure that the customers have access to a diverse set of coin options. This availability will be combined with an easy-to-use platform and a service completely built for clients.
Justin Sun, Tron’s CEO said that he is very excited about the addition of Tron to this new cryptocurrency exchange platform. The collaboration between the two firms has, in the end, proven to be a total success.
Additionally, LINE has launched Unblock Ventures, which is a subsidiary that aims to become a ‘corporate token venture fund.’ The capital allocation that the company will have will be $10 million dollars and will be investing in different token investment vehicles.
About it, the company explained:
“By launching this new corporate token fund, LINE is aiming to boost the development and adoption of cryptocurrencies and blockchain technology. As such, LINE is one of the first publicly traded corporations to formalize token investments through a corporate fund.”
Of course, LINE is already planning to expand the fund as the cryptocurrency and blockchain community grow. The main intention behind these decisions is to boost the development and adoption of virtual currencies and distributed ledger technology (DLT) around the world.
At the time of writing, Tron is the 13th most important virtual currency in the market and has a total value of $1.26 billion dollars, according to CoinMarketCap. Each token can be bought for $0,0192 dollars and is registering a decline of 4.3% in the last 24 hours.