Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

NEAR Lands $150 Million In 3AC-Led Raise

By Crypto BriefingCryptocurrencyJan 14, 2022 01:31AM ET
www.investing.com/analysis/near-lands-150-million-in-3acled-raise-200614735
NEAR Lands $150 Million In 3AC-Led Raise
By Crypto Briefing   |  Jan 14, 2022 01:31AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

Key Takeaways

  • Three Arrows Capital led the round with contributions from several other crypto-native funds.
  • NEAR Protocol has raised $150 million from several crypto-native funds and angel investors.
  • The money will be used to accelerate the adoption of Web3 technologies, develop NEAR’s regional hubs, and raise awareness for its brand.
  • The NEAR token has reacted positively to the news, jumping 6.6% over the past hour.
  • NEAR Protocol has raised $150 million in its latest funding round led by Three Arrows Capital.
  • The NEAR token has surged on the news, gaining 6.6% in the past hour.

Crypto Funds Invest in NEAR

Several prominent crypto funds are going long on NEAR. NEAR Protocol announced Thursday that it has successfully closed a $150 million funding round to accelerate Web3 adoption.

Su Zhu and Kyle Davies’ Three Arrows Capital led the round, with participation from crypto-native funds Mechanism Capital, Dragonfly Capital, Andreessen Horowitz, and Alameda Research, among others.

Several angel investors also contributed to the raise, including Aave founder Stani Kulechov and PleasrDAO member Santiago R Santos.

The recent funding round more than doubled the $65.9 million NEAR Protocol has raised thus far. The protocol’s previous cohort of global backers includes Pantera Capital, Coinbase (NASDAQ:COIN) Ventures, Blockchain.com, and Baidu (NASDAQ:BIDU) Ventures.

In a blog post announcing the raise, NEAR explained how the funding would be used to accelerate the adoption of Web3 technologies, develop its regional hubs, and raise awareness for its brand. NEAR Foundation CEO Marieke Flament commented on the raise, saying:

“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.”

The NEAR token has surged on the news of the raise, jumping 6.6% over the past hour. It’s currently trading at $19.24, with the latest price spike putting the token up 113% over the past month.

NEAR/USD price chart.
NEAR/USD price chart.

Other Layer 1 blockchains received a similar boost after news of investment from prominent funds was released. Three Arrows Capital co-led a $230 million raise for the Layer 1 chain Avalanche in September, causing the AVAX token to soar in value. Since then, Avalanche has steadily climbed higher and is currently up over 68% since the announcement.

NEAR’s ecosystem has grown over the last few months, putting the project in contention with other successful Layer 1 chains such as Solana, Terra, and Avalanche. In October, NEAR announced an $800 million ecosystem grants program to help projects building on the network.

Of the $800 million, almost half is earmarked for developing DeFi protocols. Currently, most of the DeFi activity on NEAR takes place on Aurora, the network’s Layer 2, Ethereum-compatible chain. According to data from DeFi Llama, Aurora is currently the nineteenth-largest DeFi network, with over $700 million of total value locked.

Original Post

NEAR Lands $150 Million In 3AC-Led Raise
 

Related Articles

Candy Matheson
COIN: From Riches To Rags By Candy Matheson - Jan 28, 2022 1

Qustion: Why would anyone invest in a broker's stock that is trading well below its IPO price? "Coinbase (NASDAQ:COIN) is an American company that operates a cryptocurrency...

NEAR Lands $150 Million In 3AC-Led Raise

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email