Near protocol eyes large-scale Web3 adoption with $150M fundraise

Near protocol eyes large-scale Web3 adoption with $150M fundraise

Layer 1 blockchain protocol Near has raised roughly $150 million from a recent funding round as it plans for wider Web3 adoption, the protocol announced Thursday.

Funds were raised via a token sale with Singapore’s Three Arrows Capital leading the round. Top industry leaders Mechanism Capital, Dragonfly Capital, a16z, Jump, Alameda, Zee Prime, Folius, Amber Group, 6th Man Ventures, Circle Ventures, and MetaWeb.vc also participated in the round.

The token sale, which took place over the course of two weeks, also saw contributions from angel investors, including Alan Howard, Santiago Santos, and Aave Founder Stani Kulechov.

The funds raised will be used to accelerate the adoption of Web3 technologies, brand awareness, and expansion of regional hubs. Near protocol seeks to set up communities in Latin America, Turkey, and India, with communities in Asia, Africa, and Europe already fully established.

Marieke Flament, NEAR Foundation’s CEO, said in the blog post:

“We are delighted to have such a fantastic list of backers supporting NEAR’s mission. We are looking forward to leveraging the funding to improve access to blockchain technology in an ever growing list of countries across the world.”

Near Protocol is a not-for-profit project that utilizes blockchain to build decentralized applications and change how users utilize the web in general. Near blockchain uses “Proof of Stake (PoS)” as its consensus algorithm uses sharding to perform parallel processing using multiple networks.

The NEAR token was already rallying when the news broke out. It went up by 10% after the announcement, taking its price to an ATH of $20.2. At the time of publication, it was trading at $18.95, up by 6.51% from yesterday.

While the protocol is focusing on Web 3.0 adoption, DeFi is not too far from its eyesight. In October last year, it announced the launching of an $800 million fund for projects and startups emerging in the DeFi sector.

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