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Line Next secures $140 million investment in funding round


According to a statement, these activities are in accordance with Line Next’s plan of popularising the Web3 ecosystem

Line Next, a NFT division of Line Corporation, announced on December 13 that it has secured a $140 million investment from a group led by Crescendo Equity Partners. The firm said it will use the capital raised to fund the expansion of its global business and develop new services.

As per a statement, these activities are in accordance with Line Next’s plan of popularising the Web3 ecosystem. To achieve these objectives, the venture firm will start with the launch of the NFT platform DOSI in January next year. Integrating it with Line’s Japan NFT marketplace means DOSI will also be offered to users around the world as a mobile app.

Youngsu Ko, the CEO of Line Next, remarked on his company’s feat of achieving one of the biggest funding rounds in the Asian blockchain Web3 industry in 2023. He said: It is significant that we were able to secure this funding in the context of a globally contracting investment environment. We plan to use this opportunity to further popularise Web3 and develop a new service ecosystem where users own the value of their digital goods.

Kevin Lee, the managing partner at Crescendo, a private equity sponsored by Peter Thiel, commended Line Next’s competitiveness and vision. Lee said Crescendo hopes that the investment raised will help Line Next build “a standard for Web3 apps that general users can easily use and adopt blockchain to all sorts of services and brands of Web2.”

In the meantime, apart from launching DOSI and integrating this with its Japanese NFT marketplace, Line Next said it plans to launch a social app. The NFT-focused company also plans to launch “new Web3 games utilising BROWN & FRIENDS characters that anyone can enjoy.”

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