Foray into Blockchain Business
Naver, one of Korea's leading Internet companies, is stepping up its investment in the blockchain business. Line Plus, a Korean corporation established by Naver's Japanese subsidiary Line, has recently founded a new company that will specialize in blockchain technologies.
Line Plus announced on April 2 that it has launched ‘Unblock’ to start the blockchain business. It appointed Lee Hee-woo, a co-founder of AD4th, a blockchain-based digital advertising company, to lead the new company. Lee worked as a venture capitalist in the IT sector for approximately 20 years. The companies he worked for include KTB Network, IDG Ventures and Cognitive Investment.
"The establishment of Unblock signals we are ready to invest in order to play a leading role in the blockchain industry," a Line official said. "We are planning to recruit people with expertise in blockchain technologies, such as token economy design. We will speed up investment and strengthen research on the virtual currency market."
Meanwhile, Line also established Line Financial in Japan, stepping up its foray into the blockchain and virtual currency businesses.