Near Foundation Raises $150 Million to Bolster Web3 Adoption – Altcoins Bitcoin News

On Thursday, the Near Foundation announced that the project has raised $150 million from strategic investors like Three-Arrows Capital, a16z, Mechanism Capital, Dragonfly Capital and Circle Ventures. After the announcement, Near protocol’s native crypto asset jumped more than 7% against the US dollar.

Near the institution receives 150 million dollars injection capital

The team behind the nearby blockchain protocol, the Proof of Stake (PoS) network, has raised $150 million in capital in a recent fundraising round led by Three-Arrows Capital. According to the funding announcement, Mechanism Capital, Dragonfly Capital, a16z, Jump, Alameda, Z Prime, Folios, Amber Group, 6Man Ventures, Circle Ventures, and Metaweb.vc also participated.

The Near Foundation’s Medium blog post notes that the funding will be earmarked to “accelerate mass adoption of Web3”. “We are excited to support the NEAR team and ecosystem as they scale their blockchain applications,” Kyle Davis, co-founder and chairman of Three Arrows Capital, said in a statement Thursday. After the announcement, the price of NEAR, the original protocol token, jumped 7.7% on 24-hour metrics against the US dollar.

30-day stats show a gain of close to 111% against the US dollar, and the rainbow bridge is the sixth largest across the TVL chain

NEAR has done much better than most currencies over the past few weeks, last month, and over 12 months as well. NEAR is up 28.2% in the past two weeks, 30-day stats show that NEAR is up by 111% and crypto-asset is up 1,236.5% in 12 months. The digital currency is ranked 17th out of 12,447 cryptocurrencies today with a market valuation of $2.1 billion at the time of writing.

Near Foundation raises 150 million dollars to support the adoption of Web3
NEAR/USD on Thursday, January 13, 2022, via Binance.

The market capitalization of NEAR represents 0.54% of the value of the $2.1 trillion crypto economy on Thursday afternoon (EST). Amos Zhang, founder of Metaweb.vc, praised the benefits of Rainbow Bridge and Near’s multichain compatibility. “With the multi-chain interoperability of Rainbow Bridge, Aurora (EVM), Octopus (Substrate) and NEAR’s native Nightshade hash technology, NEAR is best suited to enable blockchain applications for mainstream adoption,” said Chang.

At the time of writing and according to metrics from the Dune Analytics chart called “Bridge Away (L1 Ethereum)”, the Rainbow Bridge has a total value of $478 million (TVL). The bridge holds the sixth largest bridge across the TVL chain below chains such as Polygon, Avalanche and Ronin. The Near team will leverage the new funding to accelerate adoption of the protocol by regional hubs and “increase brand awareness.”

According to the announcement, the money is based on a total of $65.9 million raised by the NIR Foundation prior to the latest increase. Digital Currency Group (DCG), Baidu Ventures, Electric Capital, Coinbase Ventures, Pantera Capital and Blockchain.com previously supported the Near project.

It also claims to have already established “communities in Asia, Africa and Europe, and is looking to help support emerging communities in Latin America, Turkey and India.”

Tags in this story

6th Man Ventures, A16Z, alameda, amber group, Amos Zhang, Baidu Ventures, Capital lift, Circle Ventures, Cross-chain, cross-chain bridge TVL, Digital Currency Group (DCG), Dragonfly Capital, Electric Capital, Folius, Funding, Jump, Kyle Davies, Mechanism Capital, Metaweb.vc, Original Asset, NEAR, Near Foundation, Near Protocol, PoS, PoS Network, Rainbow Bridge, Three Arrows Capital, Web3, Web3 Comprehensive, Zee Prime

What do you think about the Near Foundation raising $150 million from strategic investors? Tell us what you think about it in the comments section below.

Jimmy Redman

Jamie Redman is the head of news at Bitcoin.com News and a technology financial journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




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