NEAR Protocol managed to rack up $150 million in the latest funding round for the project’s development and expansion into global markets.
The NEAR Protocol essentially runs on a layer-one blockchain which can provide solutions for dApps via increased transaction speed and improved performance.
Funding was secured by Three Arrows Capital, with the support of other crypto-based investment firms such as Dragonfly Capital, a16z, Alameda, Mechanism Capital, Jump, Circle Ventures, MetaWeb.vc, Folius, Zee Prime, Amber Group, and 6th Man Ventures.
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With this funding round, and previously raising almost $66M, the NEAR Protocol almost tripled its initiative, currently worth around $216M in total.
According to the announcement, the funds will be directed towards the development of Web 3.0 technologies, bringing awareness to the platform through mass adoption, and tools for teaching people across the world how to use decentralized financing platforms.
MetaWeb.vc, one of the leading crypto investment firms that part took in the funding, founder Amos Zhang expressed his thoughts on why he chose to support the NEAR Protocol:
"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."
Likewise, The CEO of NEAR Marieke Flament spoke about the recent investment from major venture capital firms:
"We are looking forward to leveraging the funding to improve access to blockchain technology in an ever growing list of countries across the world."
With other promising start-ups emerging in the crypto market, NEAR Protocol is set out to reach its $800M funding goal for further decentralization across the globe.
