Line Next, the NFT subsidiary of Japanese messaging giant Line, has done just that Raised $140 million in a financing round led by private equity firm Crescendo Equity Partners. The investment marks the largest support for an Asian blockchain company this year, the company claims.
The company plans to use the new capital injection to expand its global NFT business and introduce new services to drive broader adoption of Web3. First on the agenda is the official launch of Dosi, Line Next’s global NFT marketplace, in January 2024.
Integrated with Line’s existing NFT platform in Japan, Dosi will be offered as a mobile app that enables global trading of digital assets.
Line Next – based in South Korea but also has offices in the US and Japan – is also developing a social app powered by AI avatars, as well as blockchain games using Line’s popular Brown & Friends characters Friends IP. The company also operates the Game Dosi platform, which hosts a number of NFT games.
Line unveils five ‘Gamer First’ NFT games coming in 2023
In April, Line Friends IP owner IPX announced a collaboration with the popular Ethereum NFT project Azuki that will bring things like merchandise, content and events.
Line’s new services will be built on the Finschia blockchain network, previously called Line Blockchain (and originally the Link Chain). Finschia’s native cryptocurrency is LINK. Line Next and Peter Thiel-backed Crescendo will join the Finschia Foundation to contribute to the expansion of the blockchain ecosystem.
Azuki NFT maker Chiru Labs unveils partnership with Line Friends
“Line’s global competitiveness and its vision to lead Web3 services were the guiding principles behind the investment,” said Kevin Lee, Managing Partner of Crescendo. “We hope to build a standard for Web3 apps that general users can easily use and adopt blockchain for all kinds of Web2 services and brands.”
Editor’s note: This article was written with the help of AI. Edited and fact-checked by Andrew Hayward.