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LineNext, the Web3 division Japanese messaging application, Line, has successfully secured $140M in a fundraising event chaired by Crescendo Equity Partners. Crescendo, a South Korean private equity firm, is backed by Peter Thiel.

  • Springboard for Funding: The influx of capital closely follows LineNext’s release of a browser-only beta service. This service is a consumer-to-consumer (C2C) marketplace built upon LineNext’s non-fungible token (NFT) platform, DOSI. LineNext used the DOSI beta to evaluate the potential of various Web3 services, such as NFT platforms, avatar features, games, and entertainment.
  • Funding Use: The fresh funding will aid LineNext in launching its official NFT platform, DOSI, along with other Web3 services, in January next year.
  • Upcoming Plans: LineNext’s plans include the DOSI mobile app’s global launch, the integration of games and over 100 partners of LINE NFT in Japan into the DOSI platform, and a new development tool to aid Web2 brands in transitioning to Web3 digital products. LineNext also plans to expand its service offerings, add digital products for brand memberships, and broaden content, event tickets, and games.
  • Numbers on the Line: LineNext boasts 5.5 million users worldwide, with over 470,000 cumulative transactions made during its beta product period.
  • Platform in Use: The company operates its services on its public blockchain mainnet, Finschia, which is reported to be 400 times faster and 98% cheaper than Ethereum.
  • Previous Funding: Last year, Line Next raised $10M in strategic investment from ten companies, including SoftBank Corporation, Naver, Naver Webtoon, Naver Z, Line Games, CJ ENM, YG Plus, Hashed, Shinsegae, and K Auction.

LineNext is wholly owned by LY Corporation, resulting from the merger of SoftBank Group’s Z Holdings and four subsidiaries, including Line Corporation and Yahoo! Japan.

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