Line Next raises $140 million to launch its DOSI mobile gaming platform
Line Next has announced a $140 million strategic investment from local private equity company Crescendo Equity Partners, which will be used to accelerate the growth of its DOSI blockchain social and gaming platform in 2024.
The US-based blockchain arm of South Korean social network Line, Line Next has been working on a beta browser-based version of DOSI during 2023 and is now ready for the official launch of the mobile app in January, which will be integrated with the existing Line NFT marketplace in Japan and other existing services such as DOSI Citizen.
Other planned products include an AI-based social app that will use the platform’s avatars, and new games using the popular Brown & Friends IP. The Game Dosi platform currently only lists four titles. However, in the future, Line Next hopes that developers of web2 games will also integrate the platform, giving them the ability to sell non-blockchain assets and currencies, alongside NFTs.
As part of the investment, Crescendo will become a governance member of Line Next’s Finschia blockchain, which is what DOSI is deployed on.
To-date, Line Next claims around 5.5 million DOSI users and over 20 million NFTs distributed.
“Line’s global competitiveness and its vision to lead Web3 services were the investment thesis,” said Kevin Lee, the managing partner of Crescendo. “We hope to build a standard for web3 apps that general users can easily use and adopt blockchain to all sorts of services and brands of web2.”