[NEWS] LINE NEXT to raise approximately 20 billion yen in funding to expand Web 3.0 ecosystem

On the 13th, LINE Yahoo! announced that its subsidiary LINE NEXT, which develops an NFT platform, will raise $140 million (approximately 20 billion yen) from private equity fund CRESCENDO EQUITY PARTNERS.

CRESCENDO is a fund backed by Peter Thiel, co-founder of PayPal and a well-known investor.

CRESCENDO aims to discover startups and small and medium-sized enterprises in the technology field and help them grow into top global companies. With this investment, LINE NEXT will expand its global business and develop new services to further promote the spread of Web 3.0.

Preparing for renewal in January 2024

The funds raised will be used to renew the global NFT platform DOSI into a digital marketplace that enables the trading of various digital items.

The renewal is scheduled for January 2024, and will integrate the NFT marketplace "LINE NFT" that was developed for the domestic market into "DOSI". The aim is to provide it as a mobile app that can be enjoyed by users all over the world.

In addition, the company will support the creation of an environment where companies and content holders can easily access Web 3.0, such as by developing new solutions that utilize blockchain to hold and trade existing digital items.

In addition, the company explains that it will develop a social app that allows communication using characters created with AI technology, develop and launch a Web 3.0 game using the characters of "BROWN & FRIENDS", and develop new services.

The company plans to use "Finschia", which claims to be the third generation blockchain mainnet, as the basic technology for the service.

CRESCENDO will also join as a governance member of the Finschia Foundation, a non-profit organization that develops and operates Finschia (formerly LINE Blockchain) and the cryptocurrency (virtual currency) "FINSCHIA (formerly LINK)" used on the platform.

CRESCENDO CEO Kevin Lee said in the announcement, "We decided to invest in LINE based on their expertise in Web 3.0 and their vision for popularizing these services. We hope to introduce blockchain to all Web 2.0 services and build a standard for Web 3.0 apps that are easy for general users to use."

LINE NEXT CEO Ko Young-soo said in the announcement, "We feel that the decision to raise large amounts of funds is significant given the shrinking investment environment worldwide. Through this opportunity, we aim to accelerate the spread of Web 3.0 and build a new service ecosystem where users can hold the value of digital items."

This funding is the largest ever for a Japanese Web 3.0-related company. LINE and Yahoo! are also showing a proactive attitude toward Web 3.0-related efforts, so future developments will be closely watched.

Reference:Announcement
Image: Shutterstock

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