In the midst of the crypto market crash, several altcoins presented a bullish run. NEAR is one of the bullish tokens since the start of the year which performed well. The Near foundation gave an announcement that the platform has closed the $150 million fund on Thursday.
Consequently, the fundraising round was led by Three Arrows Capital and participation from major crypto investments entities. The other participants are Mechanism Capital, Dragonfly Capital, Andreessen Horowitz (a16z), Jump, Alameda, Zee Prime, and Amber Group, among others. This fund will be used for people to learn and adapt Web3 technologies.
Fuel For DeFi
The funding mainly focuses on the adoption of Web3 technologies while creating awareness for the projects built on NEAR. Moreover, NEAR is a high-performance blockchain that aims to be picking up steam, extremely secure, and infinitely expandable.
Significantly, NEAR protocol proves that it is a fast-growing ecosystem with its past data. In 2021, the platform allocated $800 million which currently values around $1.8 billion. This fund is to support the company’s aim of decentralizing the community and assisting people in reimagining economics, creativity, and identity in new and inclusive ways.
At the time of writing, the trading price of NEAR is $19.62 with a trading volume of $1,561,715,547 in the last 24-hours. The token’s price value has surged up to 9.31% within a day while holding 16th rank.
Furthermore, Proximity Labs provided an $800 million fund to the Near ecosystem. This fund will support initiatives, companies, and individuals working on NEAR blockchain-based decentralized financial (DeFi) solutions. Besides, NEAR has been climbing up in recent days, now hitting a new all-time high at $19.74.
Read more: NEAR Protocol Price Prediction