Asia’s Line messaging app plans to expand into NFT ecosystem, receives millions in investment

South Korea-based Asian messaging giant Line has decided to enter the Web3 space. It has created a special venture called Line Next Corporation that will be dedicated to expanding the NFT ecosystem. In a recent development, LineNext Corporation has raised an investment of $140 million (approximately Rs 1,165 crore) and the round was led by private equity firm Crescendo Equity Partners. With this funding, Line Next is looking to launch a global NFT platform in the near future.

In January 2024, Line Next plans to officially launch its global NFT platform named Dosi. This platform will allow users to engage in trading of digital assets and products. Line Next plans to launch Dosi as a mobile app and provide new solutions to help brands own and trade digital assets. This will help users and brands associated with the LineNext platform integrate Web3 elements with their identity.

“It is important that we were able to secure this funding in the context of a contracting investment environment globally. We plan to use this opportunity to further popularize Web3 and develop a new service ecosystem where users value their digital goods,” LineNext CEO Youngsu Ko said in a statement. official statement,

Dosi Fincia will use the public blockchain. LineNext and Crescendo will become governance members of the Financia Foundation.

LINE has seen 5.5 million users worldwide and more than 470,000 cumulative transactions since its launch in 2011. So its NFT initiative could open up the digital asset sector for the public to experiment with.

The South Korean messaging giant’s inclination towards Web3 comes as no surprise, given that the country is trying to take a progressive approach towards the digital assets sector.

Last year, Seoul-based SK Telecom decided to build and operate a crypto wallet powered by advanced Web 3 capabilities in partnership with two blockchain firms – AhnLab Blockchain Company and Atomrigs Labs – to aid in the development of its crypto wallet.

Lim Hyesuk, South Korea’s minister of science, information and communications technology, also announced last year that the country plans to invest more than $177 million (roughly Rs. 1,372 crore) in support of metaverse projects, leading to growth in the sector. Employment opportunities will also increase. ,

Affiliate links may be automatically generated – see our ethics statement for details.

(TagstoTranslate)Asia Line messaging app plans to expand NFT ecosystem with millions invested Cryptocurrency

Leave a comment