GM 👋
This is the Smoothie Newsletter.
Have you heard of LINE?
If you haven’t, they’re an Asian messaging titan (sorta like Whatsapp).
Well they just raised $140M to expand their NFT venture!
It’s claimed to be “the largest funding round in the Asian blockchain Web3 industry for this year.”
If this doesn’t excite you, I dunno what will.
Looking forward to seeing what happens in Asia.
It will now allow companies to use fair-value accounting for certain digital assets.
This change, effective for fiscal years beginning after December 15, 2024, marks a shift from the previous model where crypto was treated as an "indefinite-lived intangible asset" based on original purchase price and cumulative impairment charges.
This approach aims to provide more relevant and transparent financial information, aligning with the volatile nature of digital assets like Bitcoin and Ethereum.
The rule change is expected to significantly impact companies with substantial crypto holdings, such as MicroStrategy and Tesla, allowing them to report the real-time highs and lows of their crypto assets.
The FASB's decision was influenced by extensive feedback from various stakeholders, including nearly 500 respondents to a 2021 invitation to comment, who highlighted the need for improved crypto asset accounting and disclosure.
This development is seen as a major step forward for the industry, fostering greater trust and confidence in the financial reporting of crypto assets, despite the challenges in implementing robust valuation methods due to the inherent volatility of these digital assets.
Dynamic: $13.5M
Web3 authentication solution Dynamic raised $13.50M in a Series A funding round led by Andreessen Horowitz (a16z crypto), with participation from Founders fund, Castle Island Ventures, Breyer Capital, Nikil Viswanathan, Joe Lau.
LINE NEXT: $140M
Company focused on global NFT platform business LINE NEXT (DOSI) raised $140M funding round led by Crescendo Equity Partners.
https://linecorp.com/
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