HomeNewsNear Foundation has raised $150 million, bolstering Web3 adoption

Near Foundation has raised $150 million, bolstering Web3 adoption

The foundation behind Near Blockchain, Near Foundation has raised $150 million, planning to boost Web3 adoption.

Three-Arrows Capital headed the latest finance round where the team raised $150 million capital. According to the announcement, Mechanism Capital, Dragonfly Capital, a16z, Jump, Alameda, Zee Prime, Folius, Amber Group, 6th Man Ventures, Circle Ventures, and Metaweb.vc participated in the round.

The foundation’s blog post details that the following funds will go towards “accelerating mass adoption of Web3.”

Co-founder and chairman of Three Arrows Capital, Kyle Davies said in a statement yesterday:

“We are excited to support the NEAR team and ecosystem as they scale blockchain applications.”

Following that, the price of NEAR, the protocol’s native token, jumped significantly, touching the $20 mark. As of writing, the token is trading at $18.45 with a 24-hour price change of +3.31%.

If we take a look in detail regarding NEAR token’s performance, we can see that it has made some considerable progress. Also, the coin has a valuation of $2.1 billion at the time of writing.

Founder of Metaweb.vc, Amos Zhang appreciated the benefits between Rainbow Bridge and Near’s multichain compatibility. Moreover, he said:

“With multichain interoperability of Rainbow Bridge, Aurora (EVM), Octopus (Substrate), and NEAR native’s Nightshade sharding technology, NEAR is best suited for empowering blockchain applications for mainstream adoption.”

Looking at Rainbow Bridge, the protocol’s TVL value stands at $478 million. In fact, it holds the sixth-largest cross-chain bridge, just below Polygon, Avalanche, and Ronin protocols.

Moreover, Near Team is planning to use the new funding in accelerating the adoption of its protocol.

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