On Thursday, the Near Foundation announced that the project had raised $150 million from strategic investors including Three Arrows Capital, a16z, Mechanism Capital, Dragonfly Capital and Circle Ventures. The Near protocol’s native cryptoasset rose more than 7% against the U.S. dollar following the announcement.
Near Foundation receives $150 million infusion
The team behind sharding Near Blockchain ProtocolThe proof-of-stake (PoS) network has raised $150 million in a recent funding round led by Three Arrows Capital. According to the funding announcement, Mechanism Capital, Dragonfly Capital, a16z, Jump, Alameda, Zee Prime, Folius, Amber Group, 6th Man Ventures, Circle Ventures, and Metaweb.vc also participated.
near the foundation Medium Post Noting that the funding will be used to “accelerate the mass adoption of Web3.” “We are excited to support the NEAR team and ecosystem as they scale blockchain applications,” Kyle Davis, co-founder and chairman of Three Arrows Capital, said in a statement Thursday. . Following the announcement, the price of the protocol’s native token, NEAR, rose 7.7% against the U.S. dollar based on a 24-hour indicator.
30-day statistics show that Rainbow Bridge is nearly 111% against the US dollar, making it the sixth largest cross-chain bridge TVL
Over the past few weeks, last month, and over the course of 12 months, NEAR has fared much better than most coins. NEAR rose 28.2% Over the past two weeks, 30-day statistics show NEAR is up 111% and the cryptoasset is up 1,236.5% in 12 months. Currently, the digital currency is ranked 17th out of 12,447 cryptocurrencies and has a market cap of $2.1 billion at the time of writing.
NEAR’s market capitalization represented 0.54% of the cryptoeconomy’s $2.1 trillion value Thursday afternoon (EST). Amos Zhang, founder of Metaweb.vc, praised the benefits of Rainbow Bridge and Near’s multi-chain compatibility. “With the multi-chain interoperability of Rainbow Bridge, Aurora (EVM), Octopus (Substrate) and NEAR native’s Nightshade sharding technology, NEAR is best suited to enable blockchain applications for mainstream adoption,” Zhang said.
at the time of writing and According to the indicator From Dune Analytics’ chart titled “Bridge Away (L1 Ethereum),” Rainbow Bridge has a total value locked (TVL) of $478 million. The bridge has the sixth largest cross-chain bridge TVL below chains like Polygon, Avalanche, and Ronin. The Near team will use the new funding to accelerate the adoption of the agreement’s regional centers and “increase brand awareness.”
According to the announcement, the funds build on the $65.9 million the Near Foundation had raised prior to its most recent raise. Digital Currency Group (DCG), Baidu Ventures, Electric Capital, Coinbase Ventures, Pantera Capital and Blockchain.com have all previously backed the Near project.
Near further claims that it has built “communities in Asia, Africa and Europe and is looking to help support emerging communities in Latin America, Turkey and India”.
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