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January 21, 2022
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Near Foundation Raises $150 Million to Bolster Web3 Adoption – Altcoins Bitcoin News

On Thursday, the Near Foundation introduced the challenge has raised $150 million from strategic buyers similar to Three-Arrows Capital, a16z, Mechanism Capital, Dragonfly Capital, and Circle Ventures. Following the announcement, the Near protocol’s native crypto asset jumped greater than 7% in opposition to the U.S. greenback.

Near Foundation Gets a $150 Million Capital Injection

The group behind the sharded Near blockchain protocol, a proof-of-stake (PoS) community, has raised $150 million in capital in a latest finance spherical led by Three-Arrows Capital. According to the funding announcement, Mechanism Capital, Dragonfly Capital, a16z, Jump, Alameda, Zee Prime, Folius, Amber Group, sixth Man Ventures, Circle Ventures, and Metaweb.vc additionally participated.

The Near Foundation’s Medium blog post notes that the funding will likely be devoted to “accelerating mass adoption of Web3.” “We are excited to support the NEAR team and ecosystem as they scale blockchain applications,” Kyle Davies, the co-founder and chairman of Three Arrows Capital mentioned in an announcement on Thursday. Following the announcement, the price of NEAR, the protocol’s native token jumped 7.7% in accordance to 24-hour metrics in opposition to the USD.

30-Day Statistics Show Near Gained 111% Against the US Dollar, Rainbow Bridge Is the sixth Largest Cross-Chain Bridge TVL

NEAR has finished significantly higher than most coins throughout the previous couple of weeks, the final month, and the course of 12 months as properly. NEAR is up 28.2% during the last two weeks, 30-day stats point out NEAR has risen 111% and the crypto asset gained 1,236.5% in 12 months. The digital forex is ranked 17 out of 12,447 crypto coins at present with a market valuation of $2.1 billion on the time of writing.

Near Foundation Raises $150 Million to Bolster Web3 Adoption
NEAR/USD on Thursday, January 13, 2022, by way of Binance.

NEAR’s market cap represents 0.54% of the crypto financial system’s $2.1 trillion in worth on Thursday afternoon (EST). Amos Zhang, founding father of Metaweb.vc complimented the advantages of the Rainbow Bridge and Near’s multichain compatibility. “With multichain interoperability of Rainbow Bridge, Aurora (EVM), Octopus (Substrate), and NEAR native’s Nightshade sharding technology, NEAR is best suited for empowering blockchain applications for mainstream adoption,” Zhang mentioned.

At the time of writing and according to metrics from the Dune Analytics’s chart referred to as “Bridge Away (L1 Ethereum),” the Rainbow Bridge has $478 million whole worth locked (TVL). The bridge holds the sixth-largest cross-chain bridge TVL under chains like Polygon, Avalanche, and Ronin. The Near group will leverage the brand new funding to speed up the adoption of the protocol’s regional hubs and “raise awareness for the brand.”

According to the announcement, the funds construct upon the mixture of $65.9 million raised by the Near Foundation prior to the newest elevate. Digital Currency Group (DCG), Baidu Ventures, Electric Capital, Coinbase Ventures, Pantera Capital, and Blockchain.com beforehand backed the Near challenge.

Near additional claims that it has already established “communities in Asia, Africa, and Europe, and is looking to help support emerging communities in Latin America, Turkey, and India.”

Tags on this story
sixth Man Ventures, A16Z, alameda, amber group, Amos Zhang, Baidu Ventures, Capital elevate, 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, native asset, NEAR, Near Foundation, close to protocol, PoS, PoS Network, Rainbow Bridge, Three Arrows Capital, Web3, Web3 mass adoption, Zee Prime

What do you consider the Near Foundation elevating $150 million from strategic buyers? Let us know what you consider this topic within the feedback part under.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a monetary tech journalist residing in Florida. Redman has been an lively member of the cryptocurrency neighborhood since 2011. He has a ardour for Bitcoin, open-source code, and decentralized purposes. Since September 2015, Redman has written greater than 5,000 articles for Bitcoin.com News concerning the disruptive protocols rising at present.

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