Disclaimer: We may earn a commission if you make any purchase by clicking our links. Please see our detailed guide here.

Follow us on:

Google News

Near Foundation Raises $150m to Encourage Web3 Adoption

Join the Opinion Leaders Network

Join the Techgenyz Opinion Leaders Network today and become part of a vibrant community of change-makers. Together, we can create a brighter future by shaping opinions, driving conversations, and transforming ideas into reality.

The US-based decentralized application platform NEAR protocol has raised a $ 150 million in capital led by Three Arrows Capital, the firm mentioned in an official blog post published on Thursday. The company announced that the fund would be used for regional centers and encourage people to learn about decentralized platforms.

The funding will be used to “help millions of people to learn and use blockchain” and adopt Web3 technologies. This advantage of construction on the NEAR decentralized blockchain could make it possible to connect users with new audiences.

The agreement has established sections across Asia, Europe, Africa, and the team aims to enlarge the brace in Latin America, India, and Turkey. “We are looking forward to leveraging the funding to improve access to blockchain technology in an ever-growing list of countries across the world,” Marieke Flament, NEAR Foundation CEO, said in a statement.  

“We’re delighted to be backed by such a fantastic group of investors. It provides proof of what’s been built, and what’s to come,” Illia Polosukin, co-founder of NEAR Protocol, said.

The investment capital led by Three Arrows Capital, with extra contributions with the token sale by Mechanism Capital, Dragonfly Capital 6th Man Ventures and Circle Ventures, a16Z, Jump, Alameda, and angles Alan Howard, Santiago Santos, joined the seed funding round. 

According to CoinMarketCap, NEAR cryptocurrency bounced 9.84% to $19.36 in the past 24 hours, before the release of the new closed funding, the company seemed to stay put in the moderate price stock, but soon after the foundation released the news of the new raise the preponderance of the stake jumped above the expected mark.

In the last year, NEAR Protocol allocated $800 million for new projects and to boast up the speed of decentralized finance, howbeit the initiative brought up a massive uplift as the company’s previous allocation has now valued at about $1.8 billion. When a blockchain Protocol is fully deployed in the fourth quarter of 2020, the NEAR network team has fixed over 70 million transactions with an over 2.3 million accounts


Partner With Us

Digital advertising offers a way for your business to reach out and make much-needed connections with your audience in a meaningful way. Advertising on Techgenyz will help you build brand awareness, increase website traffic, generate qualified leads, and grow your business.

Power Your Business

Solutions you need to super charge your business and drive growth

More from this topic