On Thursday, the Near Foundation introduced the challenge has raised $150 million from strategic traders akin to Three-Arrows Capital, a16z, Mechanism Capital, Dragonfly Capital, and Circle Ventures. Following the announcement, the Near protocol’s native crypto asset jumped greater than 7% in opposition to the U.S. greenback.
Near Foundation Gets a $150 Million Capital Injection
The workforce behind the sharded Near blockchain protocol, a proof-of-stake (PoS) community, has raised $150 million in capital in a latest finance spherical led by Three-Arrows Capital. According to the funding announcement, Mechanism Capital, Dragonfly Capital, a16z, Jump, Alameda, Zee Prime, Folius, Amber Group, sixth Man Ventures, Circle Ventures, and Metaweb.vc additionally participated.
The Near Foundation’s Medium weblog publish notes that the funding will likely be devoted 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 stated in a press release on Thursday. Following the announcement, the value of NEAR, the protocol’s native token jumped 7.7% in accordance to 24-hour metrics in opposition to the USD.
30-Day Statistics Show Near Gained 111% Against the US Dollar, Rainbow Bridge Is the sixth Largest Cross-Chain Bridge TVL
NEAR has carried out significantly higher than most cash throughout the previous few weeks, the final month, and the course of 12 months as effectively. NEAR is up 28.2% during the last two weeks, 30-day stats point out NEAR has risen 111% and the crypto asset gained 1,236.5% in 12 months. The digital foreign money is ranked 17 out of 12,447 crypto cash at present with a market valuation of $2.1 billion on the time of writing.
NEAR’s market cap represents 0.54% of the crypto economic system’s $2.1 trillion in worth on Thursday afternoon (EST). Amos Zhang, founding father of Metaweb.vc complimented the advantages 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 stated.
At the time of writing and in accordance to metrics from the Dune Analytics’s chart referred to as “Bridge Away (L1 Ethereum),” the Rainbow Bridge has $478 million whole worth locked (TVL). The bridge holds the sixth-largest cross-chain bridge TVL beneath chains like Polygon, Avalanche, and Ronin. The Near workforce will leverage the brand new funding to speed up the adoption of the protocol’s regional hubs and “raise awareness for the brand.”
According to the announcement, the funds construct upon the mixture of $65.9 million raised by the Near Foundation prior to the most recent increase. Digital Currency Group (DCG), Baidu Ventures, Electric Capital, Coinbase Ventures, Pantera Capital, and Blockchain.com beforehand backed the Near challenge.
Near additional 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.”
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