Near Foundation Raises $150 Million to Bolster Web3 Adoption – Altcoins Bitcoin News

The Near Foundation revealed that it had raised $150 million in strategic investments from investors like Three-Arrows Capital and a16z. Following the announcement, the Near protocol’s native crypto asset jumped more than 7% against the U.S. dollar.

Near Foundation receives a capital injection of $150 million

Three-Arrows Capital led a financing round that raised $150 million capital for the Near blockchain protocol team. This is a proof-of-stake PoS network. Mechanism Capital, Dragonfly Capital (a16z), Jump, Alameda and Zee Prime, Folius as well as 6th Man Ventures Circle Ventures and participated in this funding round.

The Near Foundation’s Medium blog post notes that the funding will be dedicated to “accelerating mass adoption of Web3.” “We are excited to support the NEAR team and ecosystem as they scale blockchain applications,” Kyle Davies, the co-founder and chairman of Three Arrows Capital said in a statement on Thursday. Following the announcement, the price of NEAR, the protocol’s native token jumped 7.7% according to 24-hour metrics against the USD.

The Rainbow Bridge is the sixth largest cross-chain bridge TVL, with a 30 day average gain of 111% against the US Dollar

NEAR is performing better than other coins in the past weeks, months, and over the span of twelve months. NEAR’s value has increased 28.2% in the past two weeks. The 30-day statistics show that NEAR has grown 111% over the previous 30 days and NEAR gained 1,236.5% within the same period. At the time of writing, digital currencies rank 17 among 12,447 crypto coins. Their market value is $2.1 billion.

Near Foundation Raises $150 Million to Bolster Web3 Adoption
Near/USD Thursday 13 January 2022 via Binance

NEAR’s market cap represents 0.54% of the crypto economy’s $2.1 trillion in value on Thursday afternoon (EST). Amos Zhang, founder of complimented the benefits of the Rainbow Bridge and Near’s multichain compatibility. “With multichain interoperability of Rainbow Bridge, Aurora (EVM), Octopus (Substrate), and NEAR native’s Nightshade sharding technology, NEAR is best suited for empowering blockchain applications for mainstream adoption,” Zhang said.

At the time of writing and according to metrics from the Dune Analytics’s chart called “Bridge Away (L1 Ethereum),” the Rainbow Bridge has $478 million total value locked (TVL). This bridge is the 6th-largest crosschain bridge TVL, below chains such as Polygon, Avalanche and Ronin. The Near team will leverage the new funding to accelerate the adoption of the protocol’s regional hubs and “raise awareness for the brand.”

The announcement states that the new funds will build on the $65.9 million total raised by the Near Foundation before the current raise. Digital Currency Group (DCG), Baidu Ventures and Pantera Capital backed the Near Project previously.

Near further claims that it has already established “communities in Asia, Africa, and Europe, and is looking to help support emerging communities in Latin America, Turkey, and India.”

In this story, tags
6th Man Ventures. A16Z. Alameda. Amber group. Amos Zhang. Baidu Ventures. Capital raise. Circle Ventures. Digital Currency Group TVL. Digital Currency Group TVL. Dragonfly Capital. Electric Capital. Folius. Funding. Jump. Kyle Davies. Mechanism Capital. native asset. NEAR. Near Foundation. near protocol. PoS Network. Rainbow Bridge. Three Arrows Capital. Web3. Web3 mass adoption. Zee Prime

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Jamie Redman

Jamie Redman, the News Lead for News, is a Florida financial technology journalist. Redman joined the cryptocurrency community in 2011 and has been an active member ever since. Since 2011, Redman has been an active member of the cryptocurrency community. Redman has contributed more than 5,000 articles to News since September 2015. These articles are about disruptive protocols that are emerging.

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