LINE NEXT Corporation, a prominent venture in the NFT ecosystem, has successfully obtained a substantial investment of USD 140 million led by Crescendo Equity Partners. This remarkable investment signifies the largest funding in the Asian Web3 industry for the current year, positioning LINE NEXT for significant growth in the global Web3 ecosystem.
In January 2024, LINE NEXT is set to reveal DOSI, its highly anticipated global NFT platform. This innovative digital marketplace will facilitate the trading of diverse digital products and will be seamlessly integrated with Japan’s LINE NFT marketplace. Overcoming geographical barriers, the DOSI platform will be accessible worldwide through a convenient mobile application.
Going beyond NFTs, LINE NEXT is actively developing solutions to streamline the incorporation of Web3 by allowing for direct ownership and trading of digital products. Efforts to popularize Web3 extend further, with the company planning to launch new services such as an AI-powered social app and Web3 games featuring beloved BROWN & FRIENDS characters. These exciting projects are expected to be built on the robust public blockchain Finschia, with LINE NEXT and Crescendo actively participating as governance members in the Finschia Foundation to contribute to the expansion of its ecosystem.
Crescendo Equity Partners, a reputable investment firm backed by Peter Thiel, co-founder of Palantir Technologies, has provided not only substantial funding but also valuable sector expertise. Known for identifying and nurturing global leaders among small to mid-cap technology companies, Crescendo adds immense value to LINE NEXT’s growth trajectory. The partnership between the two entities aims to establish a standard for user-friendly Web3 applications and promote the adoption of blockchain in various services and brands of Web2.
Kevin Lee, Crescendo’s managing partner, emphasized LINE’s global competitiveness and unwavering vision for Web3 leadership as fundamental factors in their investment decision. Lee expressed his hopes of creating a standard for Web3 apps that can be easily utilized by general users, thereby extending the benefits of blockchain technology to diverse services and brands in Web2.
Youngsu Ko, CEO of LINE NEXT, recognizes the significance of securing this substantial investment, particularly in the midst of a contracting global investment climate. Ko stated, “We plan to use this opportunity to further popularize Web3 and develop a new service ecosystem where users can truly own the value of their digital goods.” The unwavering commitment of LINE NEXT to Web3 expansion and development reflects their dedication to harnessing the full potential of this transformative technology.
Within its first year of beta service, LINE NEXT has already garnered an impressive user base of over 5.5 million individuals worldwide. Moreover, the cumulative transactions on the platform have surpassed 470,000, demonstrating the immense popularity and rapid growth of the venture. With headquarters in Korea, a subsidiary in the U.S., and an office in Japan, LINE NEXT is poised to further develop and expand the Web3 ecosystem on a global scale.
The substantial investment received by LINE NEXT Corporation from Crescendo Equity Partners represents a pivotal moment in the company’s journey towards becoming a key player in the Web3 ecosystem. With the upcoming launch of the DOSI platform and a strong focus on pioneering Web3 integration, LINE NEXT is positioned for exponential growth and innovation. Collaborating with Crescendo and harnessing the expertise of Peter Thiel, LINE NEXT endeavors to set a standard for user-friendly Web3 apps and revolutionize the way digital products are owned and traded.