NEAR Protocol gets 350 million dollars to accelerate its decentralization

NEAR raises $350 million

A few months after being endowed with $150 million to promote the development of Web 3.0 within its ecosystem, NEAR puts the cover back and raises $350 millionmore than double the previous amount.

The roundtable was led by Global Tiger Managementan investment fund specializing in Internet and financial technology projects. Tiger saw in NEAR an opportunity to structure itself in the world of cryptocurrencies, as a company spokesperson stated:

“NEAR is poised to become a leading blockchain for smart contracts, combining best-in-class technology with a growing developer ecosystem. We are delighted to support NEAR as we increase our investments in digital assets. »

Other investors have responded, such as FTX CompaniesSam Bankman-Fried’s fund, or Republic Capital, Hashed and Dragonfly Capital. For Haseeb Qureshipartner at Dragonfly, NEAR is ahead of its time thanks to its exclusive operation:

“Over the long term, all blockchains will need to expand horizontally to support the scalability needed for the upcoming mass mainstream adoption. Ethereum 2.0 envisions this outcome, but NEAR is already delivering this experience. »

According to the NEAR team, this new capital injection will enable the firm to encourage the decentralization of its entire ecosystem.

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The booming NEAR blockchain

Following the launch of its mainnet in 2020, NEAR defines itself as a incubator platform for decentralized applications (Dapps) aimed at facilitating the transition to Web 3.0.

The blockchain, which works with the method of proof of stake (PoS), naturally registered as alternative to the Ethereum blockchain (ETH), which has had scalability issues for some time, resulting in very high transaction fees.

Moreover, CLOSE integrates the Aurora protocolgiving it full compatibility with the Dapps developed on Ethereum, the latter ensuring a concordance with the Ethereum Virtual Machine (EVM).

Thanks to its “Rainbow” bridge, NEAR ensures interoperability for the exchange of ERC-20 tokens, such as USDT or DAI stablecoins or UNI and 1INCH tokens, for example. More generally, more than 300 applications currently coexist on the NEAR blockchain.

According to the project team, new investments are to come in the very near future. We already know that focus will be on decentralized finance (DeFi) and the Aurora protocol.

NEAR currently holds the 18th place on the podium with a market capitalization of 10.5 billion dollars, neck and neck with Polygon (MATIC) which occupies the 19th place. The price of the NEAR token is currently at 16 dollars.

👉 Read also: Lightning Labs raises $70 million and unveils the Taro Protocol

Sources: Bloomberg, CoinGecko

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About the Author : Maximilien Prue


Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make the blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
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