On Thursday, the Near Foundation announced that the project has raised $150 million from strategic investors including Three-Arrows Capital, a16z, Mechanism Capital, Dragonfly Capital and Circle Ventures. Following the announcement, the Near Protocol’s native crypto asset jumped more than 7% against the US Dollar.
Near Foundation secures $150 million capital injection
The team behind the Near shared blockchain protocol, a proof-of-stake (PoS) network, raised $150 million in capital 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.
The Near Foundation’s Medium blog post notes that the funding will be dedicated to “accelerating the mass adoption of Web3”. “We are excited to support the NEAR team and ecosystem in scaling blockchain applications,” Kyle Davies, co-founder and president of Three Arrows Capital, said in a statement Thursday. Following the announcement, the price of NEAR, the protocol’s native token, jumped 7.7% according to 24-hour metrics against USD.
30-day stats show it nearly gained 111% against the US dollar, Rainbow Bridge is the 6th largest inter-channel TVL bridge
NEAR has done much better than most coins over the past few weeks, the past month, and also over the past 12 months. NEAR is up 28.2% over the past two weeks, 30-day stats show that NEAR is up 111% and the crypto asset has gained 1,236.5% in 12 months. The digital currency is today ranked 17th out of 12,447 cryptocurrencies with a market valuation of $2.1 billion at the time of writing.
NEAR’s market capitalization is 0.54% of the crypto-economy’s $2.1 trillion value as of Thursday afternoon (EST). Amos Zhang, founder of Metaweb.vc, hailed the multi-channel compatibility benefits of Rainbow Bridge and Near. “With the multi-chain interoperability of Rainbow Bridge, Aurora (EVM), Octopus (Substrate) and NEAR’s native Nightshade sharding technology, NEAR is best suited to enable blockchain applications to achieve mainstream adoption,” Zhang said.
At the time of writing and as measured by the Dune Analytics chart called “Bridge Away (L1 Ethereum)”, the Rainbow Bridge has a Total Locked Value (TVL) of $478 million. The bridge contains the sixth largest TVL cross chain bridge under chains like Polygon, Avalanche and Ronin. The Near team will leverage the new funding to accelerate adoption of the protocol’s regional hubs and “increase brand awareness.”
According to the announcement, the funds build on the total of $65.9 million raised by the Near Foundation prior to the latest increase. Digital Currency Group (DCG), Baidu Ventures, Electric Capital, Coinbase Ventures, Pantera Capital, and Blockchain.com previously backed the Near project.
Near further claims that he has already established “communities in Asia, Africa, and Europe, and seeks to help support emerging communities in Latin America, Turkey, and India.”
What do you think of the Near Foundation, which raised $150 million from strategic investors? Let us know what you think about this topic in the comments section below.
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