One of cryptocurrency’s richest ecosystems just got a little richer as it prepares for a major decentralized finance (DeFi) leap forward. High performance blockchain Near Protocolthe cryptocurrency of NEAR, rose to an all-time high after the announcement that its massive funding round had completed with $150 million.
Near Protocol (NEAR) has completed another astonishing round of funding as it prepares to launch the DeFi ecosystem. The announcement sent the NEAR price to new historical highs.
NEAR Foundation Secures $150M in Three Arrows Capital-led Round
The NEAR Foundation, the organization behind the development of Near Protocol (NEAR) and associated products, has completed its latest strategic funding round, raising $150 million, Coindesk reports.
Three Arrows Capital, the company of VC legend Zu Shu; Andreessen Horowitz, Alameda Research, Dragonfly Capital, Amber Group etc. He directed the tour, which included the participation of other heavyweights such as
According to Dragonfly General Partner Ashwin Ramachandran, the funding round was completed “end to end” within two weeks, demonstrating the enormity of people’s excitement for the upcoming chain:
“Near has done a great job in terms of technology and we want to help them achieve a level of developer, user, ecosystem adoption that reflects their current level of technological innovation,” he said, noting that the funding round is an opportunity for more crypto-native investment firms to get involved in the ecosystem.
The NEAR Foundation previously announced an $800 million DeFi initiative. Of this massive sum, $300 million will be used to fuel the ecosystem of decentralized finance protocols in Near.
Near Protocol is seen as one of the most promising “Ethereum killers”; His team pioneered the concept of sharding, i.e. techniques that allow blockchain systems to be split into multiple interconnected chains.
NEAR Price Goes Parabolic, Breaks New Record
Following this positive announcement, the NEAR price surged 8 percent in two hours to an all-time high of $19.74. At the time of writing, NEAR is trading at $19.30 on major spot platforms, up 8.2% from the last 24 hours.
Therefore, despite the grueling pullback of the crypto markets, the NEAR price has increased by more than 35 percent since the beginning of the year.
In the medium-term perspective, the NEAR price skyrocketed more than 12x in less than six months. The price of the altcoin had bottomed out at $1.59 on July 22, 2021.
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