LINE NEXT raises $140M to increase Web3 ecosystem

LINE NEXT Company., LINE’s enterprise devoted to growing and increasing the NFT ecosystem, introduced right this moment that it has secured a USD140 million funding from a consortium led by the non-public fairness agency Crescendo Fairness Companions.

This funding represents the biggest funding spherical within the Asian blockchain Web3 business for this 12 months. With the raised funds, LINE NEXT goals to increase its world enterprise and develop new companies as a part of its plan to popularize the Web3 ecosystem.

First, LINE NEXT plans to formally launch its world NFT platform DOSI in January 2024, providing a digital market the place a variety of digital merchandise might be traded. Integrating with Japan’s NFT market LINE NFT, DOSI can be provided as a cellular app to customers around the globe. As well as, LINE NEXT will present new options to assist companies and types give possession on to present digital merchandise and commerce them, making it simpler to introduce Web3 to their companies.

With this funding, LINE NEXT additionally plans to introduce new companies to additional speed up Web3 popularization. These embody introducing a social app that enables customers to speak based mostly on the characters they made using AI know-how and launching new Web3 video games using BROWN & FRIENDS characters that anybody can take pleasure in.

LINE NEXT plans to construct these companies based mostly on the general public blockchain Finschia, and LINE NEXT and Crescendo will take part within the Finschia Basis as governance members, contributing to the enlargement of its ecosystem.

Crescendo, sponsored by Peter Thiel, co-founder of Palantir Applied sciences, invests with distinctive sector experience and entry to well-established “tech-ecosystem” consisting of each native and world networks. Crescendo focuses on discovering small to mid-cap know-how corporations and growing them to grow to be world champions.

“LINE’s world competitiveness and its imaginative and prescient to guide Web3 companies have been the funding thesis,” stated Kevin Lee, the managing associate of Crescendo. He added that “We hope to construct an ordinary for Web3 apps that normal customers can simply use and undertake blockchain to all types of companies and types of Web2.”

“It’s important that we have been capable of safe this funding within the context of a globally contracting funding atmosphere,” stated Youngsu Ko, CEO of LINE NEXT. “We plan to make use of this chance to additional popularize Web3 and develop a brand new service ecosystem the place customers personal the worth of their digital items.”