LINE NEXT Secures USD140 Million Investment to Propel Web3 Expansion
TLDR:
- LINE NEXT Secures USD140 Million: Asian blockchain and Web3 industry see the largest funding round this year.
- Crescendo Equity Partners Leads Investment: Backed by Peter Thiel, the private equity firm recognizes LINE’s global competitiveness and Web3 vision.
- DOSI Global NFT Platform Launch: LINE NEXT plans to unveil DOSI in January 2024, connecting the Web3 ecosystem globally.
- Innovative Services in the Pipeline: New social app and Web3 games featuring BROWN & FRIENDS characters to accelerate Web3 adoption.
- Active Role in Finschia Foundation: LINE NEXT and Crescendo to contribute as governance members, supporting the expansion of the Finschia ecosystem.
LINE NEXT Corporation, LINE’s venture dedicated to developing the NFT ecosystem, has successfully secured a USD140 million investment from a consortium led by Crescendo Equity Partners, marking the largest funding round in the Asian blockchain and Web3 industry for 2023.
Crescendo, a private equity firm backed by Peter Thiel, recognizes LINE’s strategies and vision for Web3 popularization.
Asian Blockchain Milestone
“LINE’s global competitiveness and its vision to lead Web3 services were the investment thesis,” said Kevin Lee, the managing partner of Crescendo.
This substantial investment signifies a pivotal moment in the Asian blockchain and Web3 landscape.
The funds raised will be instrumental in LINE NEXT’s mission to expand its global presence and introduce new services, further contributing to the Web3 ecosystem.
DOSI: A Global NFT Platform
First in line for LINE NEXT’s ambitious plans is the official launch of its global NFT platform, DOSI, scheduled for January 2024.
Introducing #LINENEXT, not one but TWO companies dedicated to developing the global #NFT ecosystem. Korea-based #LINE NEXT Corporation is focused on #blockchain strategy and planning, while US-based LINE NEXT Inc. works on developing and operating the NFT platform business. pic.twitter.com/lOKf1eMfG5
— LINE Global (@LINE_Global) December 16, 2021
DOSI will serve as a digital marketplace, facilitating the trade of a diverse array of digital products.
Integrated with Japan’s NFT marketplace LINE NFT, DOSI will be accessible globally as a mobile app, broadening its reach among users.
“We hope to build a standard for Web3 apps that general users can easily use and adopt blockchain to all sorts of services and brands of Web2,” added Kevin Lee.
New Services to Accelerate Web3 Adoption
The injection of funds will also support the introduction of innovative services aimed at accelerating Web3 popularization.
LINE NEXT plans to unveil a social app that leverages AI technology, enabling users to communicate based on characters they create.
Additionally, new Web3 games, featuring the beloved BROWN & FRIENDS characters, will provide an enjoyable experience for users.
Finschia Foundation and Governance Role
LINE NEXT’s commitment extends to building services on the public blockchain Finschia. Both LINE NEXT and Crescendo will actively participate in the Finschia Foundation as governance members, contributing to the expansion of its ecosystem.
“It is significant that we were able to secure this funding in the context of a globally contracting investment environment,” said Youngsu Ko, CEO of LINE NEXT.
Rapid Growth and Global Presence
LINE NEXT has been a driving force in Web3 popularization, boasting 5.5 million users worldwide and over 470,000 cumulative transactions within just a year since the beta service’s initiation.
This rapid growth underscores LINE NEXT’s effectiveness in the evolving Web3 landscape.
In summary, this significant investment positions LINE NEXT at the forefront of Web3 development, as it prepares to launch DOSI and introduce new services, all while contributing to the growth of the Finschia ecosystem.
The collaboration with Crescendo Equity Partners adds a strategic dimension, ensuring LINE NEXT’s continued success in shaping the future of Web3.
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