Near Protocol, a proof-of-stake blockchain, has raised $150 million in seed investment to accelerate adoption of Web3 technologies. The fund will be used to create regional hubs and increase awareness about blockchain and decentralized technology, according to the team.
Near Protocol plans to make use of the new funds to encourage Web3 adoption. Near Protocol plans to use the new funds to foster the adoption of Web3.
Three Arrows Capital led the investment round, along with participation from Dragonfly Capital and Mechanism Capital. Near’s ecosystem fund MetaWeb.VC also participated in the seed round. The funding was also attended by angels Alan Howard and Santiago Santos, as well as Stani Kulechov, founder of Aave.
Kyle Davies, cofounder and chairman of Three Arrows Capital said that “we are excited to support NEAR team as they scale up blockchain applications.”
Amos Zhang, founder and CEO of MetaWeb.VC, supported the idea by saying that Near Protocol’s technologies are excellent for encouraging blockchain adoption. Zhang stated that Near Protocol is the best for enabling mainstream adoption of blockchain applications.
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Near protocol allocated $800 million in 2021 for new initiatives that would accelerate decentralized finance. However, there is evidence that decentralized finance markets are still in their early stages. Near blockchain will be used to provide incentives for developers to create on it.
Near also partnered late last year with Ardana, a Cardano-based stablecoin exchange. This collaboration will create a bridge infrastructure to allow users to transfer assets between the Near Protocol and Cardano, a proof-of-stake cryptocurrency. Near tokens can also be used as collateral on the Ardana platform for minting stablecoins.