Line Next, the NFT branch of the social media network Line, has raised $140 million, marking it as the largest fundraising event in Asia for 2023.

Line Next, the NFT branch of the social media giant Line, has announced a successful fundraising round of $140 million, led by Crescendo Equity Partners, making it the largest Web3 fundraising event in Asia for 2023.

In a statement released on December 13, Line Next revealed its plans to expand its Web3 ecosystem. The project raised $140 million, with leading participation from Crescendo Equity Partners, a private equity firm backed by PayPal co-founder Peter Thiel.

With this new capital injection, Line Next aims to launch a global NFT social network named DOSI in January 2024, enabling users to interact through AI-generated characters. The project also plans to introduce Web3 games, featuring characters such as BROWN & FRIENDS.

According to the announcement, Line Next will build these applications on the Finschia blockchain. Both Line Next and Crescendo will participate in the Finschia Foundation as governing members, contributing to the expansion of the organization's ecosystem.

Youngsu Ko, CEO of LINE NEXT, stated:

"The significance lies in securing this funding amidst a tightening investment environment globally. We intend to leverage this opportunity to further popularize Web3 and develop our ecosystem with new services."

Line, a popular social network in South Korea, has been actively involved in the Web3 space. Line Next was established in December 2021 and introduced the beta version of DOSI in September 2022. The project shared that DOSI currently boasts over 5.5 million users worldwide with more than 470,000 transactions.