Last week Korea’s LINE NEXT confirmed a $140 million funding round led by Peter Thiel-backed private equity firm Crescendo Equity Partners. In 2022 social media app LINE launched LINE NEXT as its web3 offshoot with two arms, one in Korea and the other in the United States. Additionally, it unveiled DOSI a web3 wallet and non-fungible token (NFT) marketplace reminiscent of OpenSea.
LINE has since been renamed to LINE Yahoo or LY and at its founding was half owned by Softbank and Korean social media firm Naver. The LINE NEXT web3 subsidiary had other external investors from the start, including WEBTOON and major Korean firms.
So far DOSI has 5.5 million users globally and 470,000 cumulative transactions. It considers the past as the beta phase and plans to launch DOSI globally in January 2024.
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