Ethereum competitor Near Protocol raised funds for Web3 adoption, with Three Arrows Capital and Andreessen Horowitz supporting the PoS blockchain.
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Near Protocol, a proof-of-stake blockchain network, has raised $150 million in seed investments to accelerate the adoption of Web 3.0 technologies . The team announced that the fund would be used to develop regional hubs and spread awareness of decentralized and blockchain technology.
Near Protocol’s goal is to use the new funds to encourage the adoption of Web 3.0. According to the announcement, the capital injection will be used to “help billions of people learn and use Blockchain technology.” With this, projects based on the Near blockchain will have the opportunity to connect with new audiences.
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Round investment was led by hedge fund Three Arrows Capital, with additional participation from Mechanism Capital, Dragonfly Capital, a16z, Jump, Alameda , Zee Prime, Folius, Amber Group, 6th Man Ventures and Circle Ventures. MetaWeb.VC, Near’s ecosystem fund, also participated in the seed funding round. In addition, angel investors Alan Howard, Santiago Santos and Aave founder Stani Kulechov joined the financing.
- “We are excited to support the NEAR team and ecosystem as blockchain applications scale”, said Kyle Davies, co-founder and president of Three Arrows Capital.
For his part, Amos Zhang , founder of MetaWeb.VC, expressed his support saying Near Protocol technologies are great for fostering blockchain adoption. “NEAR is best suited for powering blockchain-based applications for mass adoption”,
- said Zhang.
In mid-2021, Near allocated $800 million to new initiatives to fund the acceleration of decentralized finance, while pointing to evidence that the DeFi market it is still in its early stages. The goal is to encourage developers by adding incentives to create envelopes on the Near blockchain.
Late last year, Near also partnered with Cardano-based stablecoin hub Ardana. The goal of the collaboration is to create a bridging infrastructure that allows users to transfer Near assets to their proof-of-stake colleague, Cardano. With this, Near tokens will also serve as collateral on the Ardana platform to mint stablecoins.
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