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January 21, 2022
Alt Coin

New Ethereum Competitor Soars After Announcing $150,000,000 Fundraising Round

The price of Ethereum (ETH) challenger Near (NEAR) is surging after finishing a brand new funding spherical.

From a low of $13.38 on Monday, the altcoin hit a excessive of $19.92 on Thursday following studies that the Near Foundation simply raised $150 million in further investments.

Three Arrows Capital CEO Su Zhu tells his 456,400 followers in regards to the fundraising spherical on Twitter, revealing that the cryptocurrency hedge fund led the non-public token sale.

Other members include crypto-focused funds Mechanism Capital, Dragonfly Capital, Andreessen Horowitz, Jump, Alameda, Zee Prime and Amber Group.

The Near protocol is a proof-of-stake blockchain and decentralized software platform that makes use of sharding know-how. The Ethereum rival is a newcomer within the crypto house, however buyers and analysts alike have bullish outlooks for the crypto asset.

According to Su, macro buyers are holding on to the cryptocurrency at the same time as they exit their different positions amid the market correction. Meanwhile, pseudonymous crypto analyst Cantering Clark says that the altcoin could rise above $20 and even climb to $50.

At time of writing, NEAR is buying and selling at $19.32.

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Featured Image: Shutterstock/zeber/Sensvector

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