LINE NEXT Secures USD 140 Million Investment to Propel Web3 Expansion
Additionally, Web3 games featuring popular characters BROWN & FRIENDS are in the pipeline for universal enjoyment.
LINE NEXT, the NFT-focused division of messaging giant LINE, has raised $140 million in funding to drive Web3 adoption and expand its global NFT platform, DOSI. The investment round, led by Crescendo Equity Partners backed by Peter Thiel, is noted as the largest in Asia's blockchain Web3 industry this year.
This substantial investment aims to bolster LINE NEXT's global expansion and introduce new services designed to foster Web3's widespread adoption. A primary focus is the imminent launch of the DOSI global NFT platform in January 2024. This platform will connect users globally through a mobile app, seamlessly integrating with Japan’s LINE NFT marketplace.
Moreover, the investment will enable LINE NEXT to pioneer innovative solutions, empowering services and brands to provide ownership of digital products, facilitating their transition into the Web3 ecosystem. The corporation plans to introduce a social app driven by AI technology, allowing users to communicate based on custom-made characters. Additionally, Web3 games featuring popular characters BROWN & FRIENDS are in the pipeline for universal enjoyment.
Finschia, a public blockchain, will underpin these developments, and LINE NEXT, along with Crescendo, will actively contribute to the Finschia Foundation as governance members, fostering the expansion of its ecosystem.
Crescendo, led by Peter Thiel, co-founder of Palantir Technologies, holds expertise in tech investment and aspires to set a benchmark for user-friendly Web3 apps across various services and brands.
Youngsu Ko, CEO of LINE NEXT, highlighted the significance of securing this funding amidst a challenging investment landscape, emphasizing plans to bolster Web3 popularization and develop a service ecosystem where users truly own the value of their digital assets.
LINE NEXT, operating globally and recording impressive growth with 5.5 million users and over 470,000 cumulative transactions since its beta service inception a year ago, aims to shape and democratize the Web3 landscape through DOSI and associated services.
About LINE NEXT Corporation
Headquartered in Korea, LINE NEXT specializes in Web3 business strategy and planning, operating globally with subsidiaries in the U.S. and Japan. It endeavors to develop and popularize the Web3 ecosystem worldwide.
