Near Protocol Raised $350 Million In Funding Round

The crypto market is seeing a correction and the prices of the most important digital assets out there are looking pretty bloody today. At the moment of writing this article, BTC is also trading in the red and the coin is priced just a bit above #$43k.

Despite the massive volatility in the market, there are all kinds of juicy moves that some projects are taking. The Near protocol is the star today.

The team behind the Naer protocol said the other day that it raised $350 million in a funding round led by hedge fund Tiger Global.

The move was made in a bid to “accelerate the decentralization of the NEAR ecosystem.” The raise comes less than three months after Near announced a $150 million funding round.

The price of the NEAR token started inching up on the news. At the moment of writing this article, the NEAR coin is trading in the red and it’s priced at $15.3.

Crypto-native investors in the new round also included Republic Capital, FTX Ventures, Hashed, and Dragonfly Capital, among others.

CoinDesk noted that the New York-based Tiger Global had $86 billion in assets under management at the end of last year.

It’s also important to note the fact that it has a growing footprint in crypto investments, having backed funding rounds for blockchain infrastructure platform Blockdaemon, crypto exchange FTX, payment processor Moonpay, and blockchain intelligence provider TRM Labs, among others.

The same online publication made sure to note the fact that since its October 2020 mainnet launch, Near was mainly targeting a focus involving creating a user-friendly platform for developers of decentralized applications (apps).

“The speedy proof-of-stake blockchain is meant to serve as an alternative to Ethereum, which has scalability issues that can cause transaction fees to spike,” CoinDesk notes.

A few days ago, we were revealing that ETH competitor NEAR was expecting bullish moves.

Now, a popular crypto strategist is predicting price surges for Ethereum (ETH) rivals Avalanche (AVAX) and Near (NEAR) as the markets continue to rise more and more.