NEAR Protocol (NEAR) has raised $150 million in a funding round from investment firm Three Arrows Capital. Investors include high-profile companies such as Alameda Research, Andreessen Horowitz and Three Arrows Capital. The altcoin project has thus managed to raise substantial funds from the biggest crypto investors in preparation for a DeFi-focused move forward. On the news, NEAR price is eroding the $20 resistance.
Investors showed great interest in the DeFi-focused altcoin project
The funding reportedly took place through a private token sale. As an indication of the intense interest shown in the protocol, the investments were completed in two weeks. On the subject, Ashwin Ramachandran, General Partner of Dragonfly, says:
Near has done a great job in terms of technology and we want to help them achieve a level of developer, user and ecosystem adoption that reflects their current level of technological innovation.
DeFi ecosystem
Fundraising is the latest method of a highly capitalized ecosystem that is trying to position itself for a stream of users and DeFi protocols. cryptocoin.com As we reported, in October, Near’s Aurora raised $12 million, which will enable developers to fork Ethereum-based contracts and place Solidity code on Blockchains. Additionally, Near announced an $800 million ecosystem funding later in the month, with $350 million earmarked for DeFi grants and liquidity mining.
NEAR price approaching $20
No information was shared about how many dollars the companies bought the NEAR token. Still, with the news, NEAR’s price has skyrocketed and is currently targeting $20. NEAR Protocol, one of the layer 1 projects created to scale transaction throughput, is the 18th largest cryptocurrency with a market cap of approximately $12 billion.
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