On Thursday, the Near Foundation announced the project has raised $150 million from strategic investors such as Three-Arrows Capital, a16z, Mechanism Capital, Dragonfly Capital, and Circle Ventures. Following the announcement, the Near protocol’s native crypto asset jumped more than 7% against the U.S. dollar.
Near Foundation Gets a $150 Million Capital Injection
The team behind the sharded Near blockchain protocol, a proof-of-stake (PoS) network, has raised $150 million in capital in a recent finance round led by Three-Arrows Capital. According to the funding announcement, Mechanism Capital, Dragonfly Capital, a16z, Jump, Alameda, Zee Prime, Folius, Amber Group, 6th Man Ventures, Circle Ventures, and Metaweb.vc also participated.
The Near Foundation’s Medium blog post notes that the funding will be dedicated to “accelerating mass adoption of Web3.” “We are excited to support the NEAR team and ecosystem as they scale blockchain applications,” Kyle Davies, the co-founder and chairman of Three Arrows Capital said in a statement on Thursday. Following the announcement, the price of NEAR, the protocol’s native token jumped 7.7% according to 24-hour metrics against the USD.