A group led by Peter Thiel-sponsored private equity firm Crescendo Equity Partners led a US $140 million round of funding for Line Next Corporation, a Line unit focused on the NFT ecosystem.
According to a statement from Line Next, this is the largest funding round for Asian Web3 companies this year.
The company intends to use the money, which coincide with a rise in cryptocurrency values, to expand its operations internationally and develop new services in an effort to increase Web3’s accessibility.
First up is Dosi, an international NFT platform that Line Next intends to introduce in January 2024. Dosi, a digital product marketplace linked with Japan’s Line NFT, will also enable brands to directly own and exchange pre-existing digital goods.
Another product is a social app that lets users use AI to create characters that they can communicate with. Additionally, Line Next will launch brand-new Web3 games that feature Line’s original Brown and Friends characters.
The public mainnet Finschia, which replaces Line Blockchain, will be the foundation for these services.
Since its founding in 2021, Line Next has amassed over 470,000 transactions and 5.5 million global users.
