Near Foundation raises $ 150 million to boost Web3 adoption – Altcoins Bitcoin News

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On Thursday, the Near Foundation announced that the project had raised $ 150 million from strategic investors such as Three-Arrows Capital, a16z, Mechanism Capital, Dragonfly Capital and Circle Ventures. Following the announcement, the native crypto asset of the Near protocol jumped more than 7% against the US dollar.

Near Foundation obtains a capital injection of 150 million dollars

The team behind the fragmented Near 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 funding will be dedicated to “accelerating mass adoption of Web3.” “We are delighted to support the NEAR team and ecosystem in scaling blockchain applications,” said Kyle Davies, Co-Founder and Chairman of Three Arrows Capital on Thursday. Following the announcement, the price of NEAR, the protocol’s native token, jumped 7.7% on 24-hour measurements against the USD.

30-day statistics show it almost gained 111% against the US dollar, Rainbow Bridge is the 6th largest TVL cross-chain bridge

NEAR has done considerably better than most parts over the past few weeks, past month, and over the past 12 months as well. NEAR is up 28.2% in the past two weeks, 30-day statistics show NEAR is up 111% and the crypto asset has gained 1,236.5% in 12 months. The digital currency is ranked 17th out of 12,447 crypto coins today with a market valuation of $ 2.1 billion at the time of writing.

NEAR / USD on Thursday January 13, 2022, via Binance.

NEAR’s market cap represents 0.54% of the $ 2.1 trillion value of the crypto economy on Thursday afternoon (EST). Amos Zhang, Founder of Metaweb.vc complimented Rainbow Bridge and Near’s multi-channel compatibility benefits. “With the multi-chain interoperability of Rainbow Bridge, Aurora (EVM), Octopus (Substrate) and NEAR’s native Nightshade partitioning technology, NEAR is best suited to bolster blockchain applications for mainstream adoption,” said Zhang.

At the time of writing, and according to metrics from Dune Analytics’ chart titled “Bridge Away (L1 Ethereum)”, the Rainbow Bridge has a total locked-in value of $ 478 million (TVL). 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 before the latest fundraiser. Digital Currency Group (DCG), Baidu Ventures, Electric Capital, Coinbase Ventures, Pantera Capital and Blockchain.com previously supported 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.”

Keywords in this story 6th Man Ventures, A16Z, alameda, amber group, Amos Zhang, Baidu Ventures, Capital increase, Circle Ventures, Cross-chain, cross-chain bridge TVL, Digital Currency Group (DCG), Dragonfly Capital, Electric Capital, Folius, Financement, Jump, Kyle Davies, Mechanism Capital, Metaweb.vc, active native, NEAR, Near Foundation, Near Protocol, PoS, PoS Network, Rainbow Bridge, Three Arrows Capital, Web3, Web3, mass adoption of Web3, Zee Prime

What do you think of the Near Foundation which has raised $ 150 million from strategic investors? Let us know what you think of this topic in the comments section below.

Jamie redman

Jamie Redman is Head of News at Bitcoin.com News and a FinTech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code, and decentralized applications. As of September 2015, Redman has written over 5,000 articles for Bitcoin.com News on the disruptive protocols emerging today.

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