NEAR raises $150M to spur Web3 adoption

In an official blog post, on 13 January 2022, the U.S.-based decentralized application platform and Ethereum competitor, NEAR protocol has announced that it has raised a $150 million fortune directed by Three Arrows Capital. According to the blog post, the funds would be used at regional centers through which it will bolster people to learn about decentralized podiums.

The funds will be utilized to advocate millions of people to learn and use blockchain technology and to endorse Web3 technologies. This benefit of development on the NEAR decentralized blockchain could make it possible for users to network with new audiences.

The agreement has conclusively proved sections across Asia, Europe, Africa, and the team aim to broaden support in Latin America, India, and Turkey.

Marieke Flament, NEAR Foundation’s CEO, said,

“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.”

What is NEAR protocol?

NEAR protocol is a highly efficient blockchain constructed to be extremely fast. It is considered to be unbelievably safe and also eminently scalable. It was designed to run decentralized applications and works to compete with Ethereum and many other superior smart contract-facilitated blockchains such as EOS and Polkadot. Its prime token is also known as NEAR and is used to pay for commission and cache. These tokens can also be invested by token holders who take part in executing network consensus as transaction proofs.

The company is formated by an explicit group of techies and entrepreneurs to be easy to utilize, general, and environmentally friendly. The company is supported by leading venture capitalists like A16Z, Pantera Capital, Electrical Capital, Dragonfly Capital, Coinbase Ventures, Blockchain.com, and Baidu Ventures.

As decentralized applications have grown in fame, the crypto society is faced with an increasing scalability issue. Ethereum has been surfaced with scalability obstacles because of the increasing request for its purpose, and whilst a few endorse scaling issues to be resolved by building it on top of Ethereum (Layer-2-solutions), other businesses like NEAR are determined to build a completely fresh blockchain with distinct framework.