NEAR Protocol raises $150M to promote Web3 adoption

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The NEAR Protocol proof-of-stake blockchain has raised $150 million in seed investment to accelerate the adoption of Web3 technologies. The team announced that the fund would be used to develop regional hubs and raise awareness about blockchain and decentralized technology.

NEAR Protocol aims to use the new funds to drive Web3 adoption. According to the announcement, the funding will be used to “help billions of people learn and use blockchain.” Thanks to this, projects building on the NEAR blockchain will have the opportunity to connect with new audiences.

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

“We are excited to support the NEAR team and ecosystem in scaling blockchain applications,” said Kyle Davies, Co-Founder and President of Three-Arrows Capital.

Meanwhile, Amos Zhang, the founder of MetaWeb.vc, expressed his support saying that NEAR Protocol technologies are ideal for driving blockchain adoption. “NEAR is best suited to enable blockchain applications to be adopted by the mainstream,” Zhang said.

Related: Binance Labs Supports $200M Oasis Ecosystem Fund

In 2021, the NEAR protocol allocated $800 million for new initiatives to fund the acceleration of decentralized finance, while noting evidence that the DeFi market is still in its infancy. This move aims to encourage developers by adding incentives to build on the NEAR blockchain.

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