- NEAR Protocol has raised $350 million in a funding spherical led by Tiger International.
- The announcement comes solely three months after the corporate raised $150 million in a Three Arrows Capital-led funding.
- NEAR stated it could use the cash to develop the variety of regional hubs in key neighborhood facilities throughout the globe.
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NEAR Protocol has raised $350 million in a brand new funding spherical led by famend American hedge fund Tiger International.
NEAR Protocol Closes $350M Funding Spherical
NEAR Protocol appears to be on a funding spree.
The Layer 1 blockchain community introduced Wednesday that it had raised $350 million in a Tiger International-led funding spherical to extend “the variety of regional hubs in key neighborhood facilities throughout the globe.” Dragonfly Capital, Republic Capital, Hashed, and FTX Ventures additionally participated within the elevate.
Tiger International companion John Curtis stated that the agency was “excited to assist NEAR” because it ramped up its investments within the cryptocurrency house. He added that he thought NEAR was “poised to be a number one good contract blockchain platform.”
NEAR is a Proof-of-Stake blockchain that focuses on developer and user-friendliness. It makes use of advanced know-how referred to as sharding to reduce the community’s computational load by splitting it into fragments referred to as shards. Sharding permits the protocol to scale because the variety of validator nodes within the community grows. NEAR can course of round 100,000 transactions per second on its base layer (for context, Ethereum at present processes about 30). Ethereum plans to implement sharding sooner or later following its long-awaited “Merge” to a Proof-of-Stake consensus mechanism.
In two brief years because it launched, NEAR has develop into the world’s 18th largest cryptocurrency with a market cap of round $11 billion. Nonetheless, whereas it’s develop into one of many greatest Layer 1 blockchains and put aside $800 million in grants to spice up its DeFi ecosystem, the protocol has struggled to develop its ecosystem versus different comparable networks. In keeping with knowledge from Defi Llama, NEAR at present holds round $1.13 billion in complete worth locked. That’s considerably lower than Ethereum’s $123 billion, Terra’s $30 billion, and Avalanche’s $10.8 billion.
That being stated, NEAR’s newest $350 million elevate, which is greater than double the quantity it obtained in its Three Arrows Capital-led elevate in January, may assist the mission meet up with the remainder of the ecosystem. Boris Revsin, managing director of Republic Capital, a high enterprise capital agency that additionally participated within the elevate, stated that he thought NEAR was “finest in school” in a number of very important areas of growth. “Republic Capital did an in-depth evaluation into the NEAR ecosystem and located that the builders within the house acknowledge the protocol as key to their deployment roadmap,” he stated.
Disclosure: On the time of writing, the creator of this piece owned ETH and several other different cryptocurrencies.
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