NEAR Foundation Raises $150 Million to Help Drive Platform’s Adoption in Web 3.0


NEAR Foundation Raises $150 Million to Help Drive Platform's Adoption in Web 3.0

Key highlights:

  • NEAR Foundation has raised $150 million through a private token sale
  • The round was led by Three Arrows Capital, and also included names like Andreessen Horowitz and Alameda Research
  • The news helped the NEAR token reach new all-time highs today

NEAR Foundation raises $150 million from top crypto investors in private token sale

NEAR Foundation, the organization leading the development of the NEAR Protocol ecosystem, has raised $150 million in a funding round backed by top cryptocurrency investors. The round was conducted through a private token sale, and was led by Three Arrows Capital. Other investors that participated included the likes of Andreessen Horowitz, Alameda Research and Dragonfly Capital.

NEAR is trying to position itself as a key layer 1 blockchain for Web 3.0. The Proof-of-Stake NEAR blockchain implements sharding to achieve a high degree of scalability, and the team is also working on an Ethereum Virtual Machine (EVM) implementation called Aurora to offer Ethereum compatibility. 

Dragonfly Capital general partner Ashwin Ramachandran commented on the firm’s participation in NEAR Foundation’s $150 million round, saying that it will help the platform reach a level of adoption that’s more in line with NEAR’s technical achievements: 

“Near has done a great job from a technology standpoint, and we want to help them achieve a level of developer, user, ecosystem adoption which reflects their current level of technology innovation.”

Last October, the NEAR project announced a $800 million ecosystem fund to invest in projects building on their blockchain. $350 million from the fund has been earmarked for DeFi projects and liquidity mining. 

NEAR is also currently conducting the MetaBUILD Hackathon with a $1 million prizepool for decentralized application developers. 1,643 participants have signed up to the hackathon so far. 

The news was received well by the markets for NEAR, the native asset of NEAR Protocol. Currently, NEAR is posting a +11% 24-hour change, and set a new all-time high earlier in the day. NEAR has had a very strong start to the year, as it’s up 33% since January 1. It currently has a market cap of almost $12 billion, which is good enough for the 15th spot in the crypto asset rankings. 

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