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Home»ADOPTION NEWS»Asian messaging giant LINE raises $140 million to expand NFT venture
ADOPTION NEWS

Asian messaging giant LINE raises $140 million to expand NFT venture

By Crypto FlexsDecember 13, 20232 Mins Read
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Asian messaging giant LINE raises 0 million to expand NFT venture
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Asia • December 13, 2023, 12:23 AM EST

Posted 1 minute ago In ~

LINE NEXT, the Korea-based NFT arm of messaging giant LINE, has raised $140 million in investment to “popularize the Web3 ecosystem.”

in name Announced today, LINE claimed that this investment is “the largest funding round in the Asian blockchain Web3 industry this year.” It was led by Crescendo Equity Partners, a private equity firm backed by Peter Thiel.

With the new capital, LINE plans to officially launch its global NFT platform DOSI in January 2024. “Through integration with LINE NFT, an NFT marketplace in Japan, DOSI will be available as a mobile app to users around the world,” the company said.

Granting Brand Ownership

LINE NEXT also plans to help brands ‘give ownership’ and trade of existing digital products. The social media giant plans to launch a web3 game utilizing existing characters known as BROWN & FRIENDS.

Kevin Lee, Managing Partner of Crescendo, said, “We hope to establish a Web3 app standard that can be easily used by general users and introduce blockchain to all Web2 services and brands.”

Ko Young-soo, CEO of Line Next, said, “We will further popularize Web 3 and develop a new service ecosystem where users own the value of digital products.”

The social media giant is active. Adventures in the web3 space. LINE NEXT was established in December 2021, and in September 2022 Released This is a beta service of the global NFT platform DOSI.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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