In an advanced communication, a Japanese Web3-based platform, Line Next, generated $140 million in a funding round led by Crescendo Equity Partners. The multi-million investment was ranked among the largest capital raised by an Asian blockchain company.
In the report, the Line Next team outlined how the $140 million will be utilized. Most importantly, the non-fungible token (NFT) oriented company plans to expand its core business and introduce new services to meet the customer’s ever-changing needs.
Line Next Secures $140M in a Funding Round
Additionally, the Line Next team confirmed that the capital will be utilized in projects that support the adoption of Web3 in Asia. This will include launching an exclusive NFT marketplace dubbed Dosi in Q1 of 2024.
The report demonstrated that the Line Next team was finalizing the development of Dosi. The new NFT marketplace will be available starting in January next year. According to the announcement, the new NFT marketplace will be available as a mobile application and be used to support buying and selling digital assets.
The launch of the Dosi platform will allow the Line Next developers to complete the ongoing projects, including integrating artificial intelligence tools into its social application. The ongoing development aims to expand Line Next’s market presence in the US, South Korea, and Japan.
The developers plan to upgrade its Brown & Friends characters, commonly used by blockchain games, to boost their gaming experiences. Beyond this, the December 13 announcement demonstrated that the Line Next team plans to advance its Dosi platform, which supports various NFT games.
Asian Witness High Adoption of Web3
The company anticipates that in Q2 of 2024, the Line Next team will launch five games on the Dosi platform. The report demonstrated that the proposed Web3 games will include Sweet Monster Guardians, Project GD, Drawship Kingdom Reverse, KEROZ, and Vestria the Last Order (VLO).
Besides launching the expected Web3 games, the Line Next parent company, Line Friends IPX, entered into a partnership agreement with Azuki developer Chiru Labs to create new products and host events.
A statement from the managing partner at Crescendo, Kevin Lee, revealed that Line has maintained its global competitiveness in the vibrant Web3 sector by building strong investment portfolios.
The executive anticipates that through the collaboration with Line Next, the two will set friendly standards for Web3 applications that will support the adoption of blockchain technologies. This development aims to power Web2 services with blockchain networks.
Line Next Teams Up with Crescendo to Push for Crypto Adoption
Lee anticipates that the developers of Web2 games will leverage Line’s latest development to trade their non-blockchain products along with the NFTs. The official stated that the Dosi platform will be centered on the Finschia blockchain network.
He envisages that by joining forces, the two companies will support the development of the blockchain ecosystem. In a subsequent post, the spokesperson for Line Next confirmed that during the completed beta testing for Dosi, the new platform attracted new users from Korea, Japan, Taiwan, Indonesia, India, and some parts of Vietnam.
The spokesperson anticipates that after the official launching of the platform, the Line Next team will focus on expanding the customer base. The official confessed that the Line Next team plans to support other companies and give the users complete ownership of digital assets.
Elsewhere, the chief executive of Line Next, Youngsu Ko, restated that the tech company plans to support the adoption of Web3 services by developing new products that allow users to hold value for their digital assets.
