Web3 enterprise LINE NEXT secures $140 million in funding, NFT platform DOSI to target global users

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LINE's Subsidiary NEXT Secures Largest Funding Round of the Year

According to an official announcement, LINE's Web3 enterprise LINE NEXT Corporation has secured a $140 million funding from private equity firm Crescendo Equity Partners Crescendo Consortium.

LINE claims this to be the largest funding round in Asia for Web3 and blockchain this year, with the funds intended for expanding global operations, developing new services, and promoting the Web3 ecosystem.

Crescendo has previously received investments from PayPal co-founder Peter Thiel.

NFT Platform DOSI to Launch Next Year

LINE NEXT plans to officially launch the global NFT trading platform DOSI in January 2024, which will integrate with the previous Japanese NFT trading platform LINE NFT and be available to all users worldwide.

It claims to offer new solutions to help brands and services establish digital ownership of existing products for trading on the platform, seamlessly integrating with Web3.

The announcement also highlights that DOSI has 5.5 million users, with over 470,000 transactions, showing rapid growth since its testing phase. In fact, DOSI has been in development for several years.

Interview with LINE Taiwan CTO Hong-Jia Chen: NFT Market DOSI Actively Developing Local Applications, Not Ruling Out Collaborations in Gaming/DeFi

Built on Public Chain Finschia

The LINE NEXT platform is built on the public chain Finschia. The Crescendo Consortium and LINE NEXT will both participate as governance members in the Finschia Foundation to contribute to its ecosystem development.

CEO of LINE NEXT, Youngsu Ko, stated:

Securing this funding round is crucial amidst the tightening global investment environment. We aim to promote Web3 and enable users to easily own their digital products.

Popular Project BROWN & FRIENDS to Launch Web3 Game

The announcement reveals that LINE NEXT will introduce a social app that allows users to interact with characters created using AI technology.

In the upcoming Web3 game releases, all users will be able to enjoy playing with characters related to BROWN & FRIENDS.