HomeNEWSNear Foundation Raises $150 Million to Bolster Web3 Adoption

Near Foundation Raises $150 Million to Bolster Web3 Adoption

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Near Foundation has announced that it has completed a $150 million strategic funding round led by Three-Arrows Capital. The round also had in participation, the likes of a16z, Dragonfly Capital, Alameda, 6th Man Ventures, Jump, Mechanism Capital, and others.

Near Foundation Gets a $150 Million Capital Raise To Accelerate Web3 Adoption Plans

As confirmed by Near Foundation’s Medium blog post, the organization is looking to use the funding to fast-track the mass adoption of Web3.

Meanwhile, speaking about the investment funding, co-founder and chairman of Three Arrows Capital Kyle Davies also said in a statement:

“We are excited to support the NEAR team and ecosystem as they scale blockchain applications”.

NEAR Token Performing Better Than Most Coins

Interestingly, shortly after the announcement, the price of Near protocol’s native crypto asset NEAR, surged by nearly 8% against the U.S. dollar within a 24-hour span. But the token has been consistently performing well for a while now.

In fact, 30-day statistics also show NEAR gaining 111% against the US dollar but there’s more. In the last 12 months, the crypto asset has gained a whopping 1,236.5%.

It would also be interesting to note that the digital currency now ranks 17th out of a total of 12,447 crypto coins. This brings its valuation to a market valuation of $2.1 billion at the time of writing. NEAR’s market cap represents 0.54% of the crypto economy’s $2.1 trillion in value on Thursday afternoon (EST).

Meanwhile, founder of Metaweb.vc Amos Zhang has also heaped praises on Rainbow Bridge and Near’s multichain compatibility.

According to Zhang, multichain interoperability of NEAR’s sharding technology makes it well suited for mainstream adoption. He said:

“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”.

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