Line Next, a subsidiary of Line Corporation, said on Dec. 13 that it has secured a $140 million investment in a funding round led by the Peter Thiel-sponsored Crescendo Equity Partners. Line Next has said it will use the capital raised to fund the expansion of its global business and develop new services.
Popularizing the Web3 Ecosystem
Line Next, a non-fungible token (NFT) division of Line Corporation, announced on Dec. 13 that it has secured a $140 million investment from a group led by Crescendo Equity Partners. Line Next said it will use the capital raised to fund the expansion of its global business and develop new services.
According to a statement, these activities fit with Line Next’s plan of popularizing the Web3 ecosystem. To achieve these objectives, the venture firm will start with the launch of the NFT platform DOSI in January 2024. 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 firm’s feat of achieving one of the largest 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 popularize Web3 and develop a new service ecosystem where users own the value of their digital goods.”
A Standard for Web3 Apps
Kevin Lee, the managing partner at Crescendo, a private equity sponsored by Peter Thiel, touted 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.”
Meanwhile, in addition to launching DOSI and integrating this with its Japanese NFT marketplace, Line Next said it plans to launch a social app. The NFT-focused firm also plans to launch “new Web3 games utilizing BROWN & FRIENDS characters that anyone can enjoy.”
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