NEAR Protocol raises $150M to promote Web3 adoption

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Ethereum rival NEAR Protocol raised funds for Web3 adoption, with Three Arrows Capital and Andreessen Horowitz supporting the proof-of-stake blockchain.

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NEAR Protocol raises $150M to beforehand   Web3 adoption

Proof-of-stake blockchain NEAR Protocol has raised $150 cardinal successful effect investments to accelerate the adoption of Web3 technologies. The squad announced that the money would beryllium utilized to make determination hubs and rise consciousness for blockchain and decentralized tech.

NEAR Protocol aims to usage the caller funds to foster the adoption of Web3. According to the announcement, the backing volition beryllium utilized to “help billions of radical larn and usage blockchain.” With this, projects gathering connected the NEAR blockchain volition person the accidental to link with caller audiences.

The concern circular was led by hedge money Three-Arrows Capital, with further information from Mechanism Capital, Dragonfly Capital, a16z, Jump, Alameda, Zee Prime, Folius, Amber Group, 6th Man Ventures and Circle Ventures., the NEAR ecosystem fund, besides participated successful the effect round. Additionally, angels Alan Howard, Santiago Santos and Aave Founder Stani Kulechov joined the funding. 

“We are excited to enactment the NEAR squad and ecosystem arsenic they standard blockchain applications,” said Kyle Davies, the co-founder and president of Three-Arrows Capital.

Meanwhile, Amos Zhang, the laminitis of, expressed his enactment by saying that NEAR Protocol’s technologies are large for fostering blockchain adoption. “NEAR is champion suited for empowering blockchain applications for mainstream adoption,” said Zhang.

Related: Binance Labs backs $200M Oasis Ecosystem Fund

Back successful 2021, NEAR protocol allotted $800 cardinal for caller initiatives to money the acceleration of decentralized finance, portion noting grounds that the DeFi marketplace is inactive successful its aboriginal stages. The determination aims to promote developers by adding incentives to physique connected the NEAR blockchain.

Late past year, NEAR besides partnered with Cardano-based stablecoin hub, Ardana. The collaboration aims to make a span infrastructure that volition let users to transportation assets from the NEAR protocol to its chap proof-of-stake blockchain Cardano. With this, NEAR (NEAR) tokens volition besides service arsenic collateral connected the Ardana level to mint stablecoins.

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