NEAR Protocol Raises $150M to Boost Web3 Adoption

The proof-of-stake blockchain NEAR Protocol has raised $150 million in seed investment to accelerate the adoption of Web3 technology.team Announce The fund will be used to develop regional centers and increase awareness of blockchain and decentralized technologies.

The NEAR protocol aims to use the new funding to boost Web3 adoption. According to the announcement, the funding will be used to “help billions of people learn and use blockchain.” With this, projects built on the NEAR blockchain will have the opportunity to connect with new audiences.

The round was led by hedge fund Three Arrows Capital, with participation from Mechanism Capital, Dragonfly Capital, a16z, Jump, Alameda, Zee Prime, Folius, Amber Group, 6th Man Ventures and Circle Ventures. The NEAR ecological fund MetaWeb.vc also participated in the seed round. In addition, angels Alan Howard, Santiago Santos and Aave founder Stani Kulechov joined the funding.

“We are excited to support the NEAR team and ecosystem as they expand blockchain applications,” said Kyle Davis, co-founder and chairman of Three Arrows Capital.

Meanwhile, Amos Zhang, founder of MetaWeb.vc, expressed his support, saying that NEAR Protocol’s technology is ideal for promoting blockchain adoption. “NEAR is best suited for enabling blockchain applications for mainstream applications,” Zhang said.

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As early as 2021, the NEAR agreement Allocate $800 million for new initiatives Funding to accelerate decentralized finance, while noting evidence that the DeFi market is still in its early stages. The move aims to encourage developers to build on the NEAR blockchain by adding incentives.

last year end, NEAR is also partnering with Cardano– Stablecoin based hub, Ardana. The collaboration aims to create a bridge infrastructure that allows users to transfer assets from the NEAR protocol to Cardano, its proof-of-stake blockchain. With this, NEAR (NEAR) tokens will also serve as collateral on the Ardana platform to mint stablecoins.