LINE’s subsidiary, LINE NEXT, which focuses on blockchain and NFT development, announced on Wednesday (13th) that it has completed a $140 million financing as part of its “Web3 ecosystem” project. The company plans to utilize these funds to expand its global business and develop new services.
Table of Contents
Toggle
DOSI is expected to be officially launched in the first quarter of 2024
Plans to launch various new services to further promote Web3 adoption
DOSI is expected to be officially launched in the first quarter of 2024
This round of financing was led by Crescendo Equity Partners, a private equity firm supported by renowned entrepreneur Peter Thiel. LINE claimed in a statement released today that this investment is “the largest round of financing in the Asian blockchain Web3 industry this year.”
With the new funding, LINE plans to officially launch its global NFT platform, DOSI, in January 2024, providing a digital marketplace for trading various digital products. The company stated:
Plans to launch various new services to further promote Web3 adoption
LINE NEXT also plans to launch new solutions to help various services and brands directly assign ownership of existing digital products and enable the trading of these products.
Kevin Lee, Managing Partner of Crescendo, stated in the statement:
The new services planned by LINE NEXT also include a social app that allows users to communicate through AI-generated characters, as well as a Web3 game that combines its popular original sticker characters, “BROWN & FRIENDS.” Youngsu Ko, CEO of LINE NEXT, stated that the team plans to “further promote Web3 and develop a new service ecosystem that allows users to own the value of their digital goods.”
LINE NEXT plans to build these services on the public blockchain Finschia. LINE NEXT and Crescendo will participate as governance members in the Finschia Foundation to contribute to the expansion of its ecosystem.
Finschia is LINE’s third-generation mainnet, formerly known as LINE Blockchain, with $FNSA as the underlying token (originally LN, renamed in May of this year).
LINE has been actively entering the Web3 field. The social media giant established LINE NEXT in December 2021 and launched a beta version of its NFT platform, DOSI, in September last year.
Source
Related Reports: “LINE CONVERGE 2022 Annual Press Conference Debuts, Global NFT Platform DOSI Goes Live, Announces First Wave of Collaborative IPs, Brands, and NFT” and “Azuki Development Team Announces Collaboration with LINE Friends’ Parent Company IPX to Launch Innovative IP Business”
Successful Conclusion of CoinEx Taiwan’s 7th Anniversary Celebration, Embracing the Arrival of the Web3 Era Hand in Hand with Users
Since its establishment in 2017, CoinEx has been a professional cryptocurrency trading pla…