Seoul, South Korea - LINE NEXT, the web3-focused division of LY Corporation, has secured a significant investment of $140 million, making it the largest blockchain funding round in Asia for 2023.
Why It Matters
This investment highlights the continued interest in web3's technology despite the recent downturn in the cryptocurrency markets.
The funding represents a major step forward in Line NEXT's expansion and development strategy, particularly in integrating web3 and web2 capabilities.
The Key Points
- Crescendo Equity Partners led the $140 million investment with support from investor Peter Thiel.
- LINE NEXT intends to use the capital for global expansion and the development of new services, including the official launch of its NFT marketplace DOSI in January 2024.
- DOSI aims to facilitate the trading of various digital assets through a mobile-first interface and will be integrated with LINE's existing NFT platform in Japan.
- The company is also working on new products, including a communication app with AI-powered avatars and web3 games featuring LINE's intellectual property characters, using the Finschia public blockchain network.
What They Say:
Crescendo Managing Partner Kevin Lee highlighted LINE's significant reach and vision for web3, underscoring their decision to invest.
Youngsu Ko, CEO of LINE NEXT, expressed that the funding will strengthen efforts to popularize web3 and help build a new digital service ecosystem that enables user empowerment.
What Comes Next:
LINE NEXT's plans include integrating web3 features into existing services and exploring new ways to trade and own digital assets.
The company recorded over 5.5 million users and over 470,000 transactions in its first year, indicating a strong initial reception.
Despite this optimistic outlook, questions remain about the monetization and long-term viability of web3's technology.