LINE NEXT Raises $140M to Boost its Web3 Ecosystem

LINE NEXT Corporation, a venture focusing on the NFT ecosystem, has received an investment of USD 140 million led by Crescendo Equity Partners. This investment marks the largest in the Asian Web3 industry for the current year, positioning LINE NEXT for growth in the global Web3 ecosystem.

New Services and Global Expansion for LINE NEXT

In January 2024, LINE NEXT plans to unveil DOSI, its new global NFT platform. This digital marketplace will allow for the trading of diverse digital products and will be integrated with Japan’s LINE NFT marketplace. The DOSI platform will be accessible worldwide through a mobile app. 

Additionally, LINE NEXT is developing solutions to make it easier for services and brands to incorporate Web3 by enabling direct ownership and trading of digital products.

Strengthening Web3 Presence 

To further its efforts to popularize Web3, LINE NEXT plans to launch new services, including an AI-powered social app and Web3 games featuring BROWN & FRIENDS characters. These projects are expected to be built on the public blockchain Finschia, with LINE NEXT and Crescendo participating in the Finschia Foundation as governance members to contribute to its ecosystem expansion.

Backed by Peter Thiel, co-founder of Palantir Technologies, Crescendo brings sector expertise and a tech-ecosystem solid network. The firm identifies and nurtures potential global leaders among small to mid-cap technology companies.

Growth and Prospects for the Future

Kevin Lee, Crescendo’s managing partner, highlighted LINE’s global competitiveness and vision for Web3 leadership as key factors in the investment: “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.” 

Youngsu Ko, CEO of LINE NEXT, acknowledged the importance of securing this investment amid a contracting global investment climate, stating, “We plan to use this opportunity to further popularize Web3 and develop a new service ecosystem where users own the value of their digital goods.” 

With over 5.5 million users worldwide and more than 470,000 cumulative transactions, LINE NEXT continues to experience rapid growth in its first year of beta service. Headquartered in Korea, with a subsidiary in the U.S. and an office in Japan, LINE NEXT is committed to developing and expanding the Web3 ecosystem globally.