Web3 Adoption is Boosted by $150 Million Raised by the Near Foundation


According to a Medium post by the Near Foundation, the funds would be used to “accelerate mass adoption of Web3.”

So, Kyle Davies, the co-founder and chairman of Three Arrows Capital, says in a statement on Thursday,
“We are pleased to support the NEAR team and ecosystem as they scale blockchain applications.”

In a recent financing round by Three-Arrows Capital, the company behind the Near blockchain protocol. Which is, a proof-of-stake (PoS) network, raised $150 million. Mechanism Capital, Dragonfly Capital, a16z, Jump, Alameda, Zee Prime, Folius. Then, Amber Group, 6th Man Ventures, Circle Ventures. Also, and Metaweb.vc were among the investors, according to the release.

According to 24-hour data, the price of NEAR, the protocol’s native token, increased 7.7% against the USD after the introduction.

During the previous few weeks, the last month, and over the course of a year. Of course, NEAR has performed significantly better than most coins. NEAR has 28.2% gain in the last two weeks, 111% in the last 30 days, and 1,236.5% in the past 12 months. That’s, according to 30-day statistics. Also, With a market cap of $2.1 billion at the time of writing, the digital currency is now at 17th out of 12,447 crypto coins.

On Thursday afternoon, NEAR’s market valuation was worth 0.54 percent of the $2.1 trillion crypto industry (EST). The Rainbow Bridge’s benefits and Near’s multichain compatibility were lauded by Amos Zhang, founder of Metaweb.vc.

“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,”
So, Zhang says

According to data from Dune Analytics’ “Bridge Away (L1 Ethereum)” chart, the Rainbow Bridge had a total worth of $478 million at the time of writing (TVL). Below chains like Polygon, Avalanche, and Ronin, the bridge has the sixth-largest cross-chain bridge TVL. So, The Near team plans to use the extra funds to hasten the deployment of the protocol’s regional centers and “increase brand awareness.”

According to the release, the monies add to the Near Foundation’s previous fundraising efforts, which totaled $65.9 million. More so, The project was originally backed by Digital Currency Group (DCG), Baidu Ventures, Electric Capital, Coinbase Ventures, Pantera Capital, and Blockchain.com.

Near goes on to say that it has “community in Asia, Africa, and Europe” and that it is “seeking to help support burgeoning communities in Latin America, Turkey, and India.”

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