Line's NFT subsidiary Line Next has completed a $140 million financing round, with investment from private equity fund Crescendo

ChainCatcher news, Japan's telecommunications giant Line's NFT subsidiary Line Next announced that it has raised $140 million (approximately 180 billion Korean won) in investment from a consortium led by private equity fund management company Crescendo Equity Partners (Crescendo). Line Next will use this investment to expand its global platform business and develop new services, aiming to popularize Web3.

Line Next will officially launch its NFT platform City (DOSI) in January next year, which is currently in the testing phase. LINE Next will also provide new solutions for Web2 services and brands, enabling them to directly own and trade existing digital goods, making it easier for them to adopt Web3. There are also plans to launch a social application that uses artificial intelligence (AI) technology to communicate based on the characters created, as well as a web3 game featuring Brown & Friends characters.