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Line Next, the NFT arm of the renowned Japanese messaging service Line, has recently secured a substantial investment of $140 million. This funding round, led by Crescendo Equity Partners, stands as a significant achievement, marking it as the largest investment in an Asian blockchain company this year.
The primary goal of this investment is to fuel the global expansion of Line Next’s NFT operations. The company is set to launch its global NFT marketplace, Dosi, in January 2024. This platform aims to integrate Line’s existing NFT platform in Japan, allowing users worldwide to trade digital assets easily.
Beyond NFTs, Line Next is diversifying its portfolio. Headquartered in South Korea, with additional offices in the U.S. and Japan, the company is developing a social app enhanced by AI avatars and blockchain games. This app will feature the popular Brown & Friends characters from the Line Friends IP.
Additionally, Line Next is set to leverage the Finschia blockchain network, formerly known as Line Blockchain and initially branded as Link Chain. Finschia operates with its native cryptocurrency, LINK. The collaboration with Crescendo Equity Partners is expected to significantly contribute to the expansion of the Finschia ecosystem.
Crescendo’s Managing Partner, Kevin Lee, shared his perspective: “Line’s global competitiveness and its vision to lead Web3 services were the investment thesis. We hope to build a standard for Web3 apps that general users can easily use and adopt blockchain to all sorts of services and brands of Web2.”
Line Next’s efforts indicate a strong commitment to advancing the adoption of Web3 technologies. With this substantial investment, the company is well-positioned to make significant strides in the blockchain and NFT space.