Largest Funding Round in Asian Blockchain Web3 Industry

LINE NEXT, the NFT subsidiary of South Korea's popular messaging app, LINE, announced securing $140 million in funding. This funding round, labeled the most substantial in the Asian blockchain Web3 industry for the year, was spearheaded by Crescendo Equity Partners, a private equity firm backed by renowned investor Peter Thiel.

The investment will reportedly catalyze the launch of DOSI, LINE NEXT's global NFT marketplace, slated for an early 2024 debut. DOSI, set to integrate with Line's existing Japan-based NFT marketplace, Line NFT, will be presented as a mobile app, offering users global accessibility.

Empowered by the fresh capital, LINE plans to unveil a plethora of Web3-focused services. These include a social app allowing users to deploy AI-generated characters and engaging Web3 games. The company is set to officially introduce DOSI in January 2024.

Further, the company, boasting 5.5 million users globally, aims to revolutionize brand interactions. It will enable brands to confer ownership of existing digital products, fostering a marketplace for trading. Additionally, LINE NEXT is set to feature Web3 games starring its iconic characters, known as BROWN & FRIENDS.

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Blockchain Integration and Governance Membership

To power its NFT marketplace, LINE NEXT has chosen the Finschia public blockchain. Notably, both LINE NEXT and Crescendo Equity Partners will become governance members of the Finschia Foundation, solidifying their commitment to blockchain governance.

Youngsu Ko, CEO of LINE NEXT, outlined the team's vision to "further popularize Web3 and develop a new service ecosystem where users own the value of their digital goods." With subsidiaries in the U.S. and an office in Japan, LINE NEXT aims to lead the charge in developing and popularizing the Web3 ecosystem.

As per reports, LINE NEXT has amassed 5.5 million users worldwide and facilitated over 470,000 cumulative transactions, highlighting its rapid growth and transformative impact on the NFT landscape.