After announcing that it had secured $350 million in a funding round led by Tiger Global, a New York-based hedge fund, NEAR, the native token of the Near Protocol, a layer-one blockchain that was created as a community-run cloud computing platform, has risen by almost 30%.
Republic Capital, FTX Ventures, Hashed, Dragonfly Capital, ParaFi Capital, Blockchange Ventures, and MetaWeb Ventures all participated in the investment round. This round of funding featured crypto-native funds, and it is seen as a significant foray into crypto and the NEAR ecosystem by more traditional corporations.
This is the platform’s second fundraising round in 2022; it had raised $150 million in January 2022 in a deal led by Three Arrows Capital, Alameda, and Jump.
According to the statement, this round of funding will help the ecosystem decentralize by supporting growth across business verticals through ecosystem funds and expanding the number of regional hubs in significant community centers across the world.
The release also stated that a surge of venture capital investment in initiatives based on NEAR occurred in late 2021 and early 2022. In the following weeks, the platform anticipates several additional fundraising announcements, particularly in NEAR and Aurora-based DeFi projects and apps.
The NEAR network also boasts that it has handled over 110 million transactions and has over 5 million accounts. More than 450 apps are currently live or being developed on NEAR, which has the sixth-largest developer community in the blockchain ecosystem, with over 200,000 members globally.
The adoption of the Near Protocol, as well as its different use cases and announcements, has created quite a stir in the cryptocurrency community. Near Protocol will introduce its own native algorithmic stablecoin, USN, as early as April 20, according to Zoran Cole, the founder of the prominent Telegram group Crypto Insiders.
To preserve the US dollar peg, the stablecoin will apparently use a Terra-like native token burn mechanism, effectively lowering NEAR supply.
Despite being ranked 16th in terms of market value, the cryoto is only listed on a few crypto exchanges, including Binance, Huobi, KuCoin, and Upbit, restricting its exposure, particularly in large areas like the United States.
However, Cole stated that Coinbase, one of the most popular crypto exchanges in the United States, will carry NEAR on its platform in the next months, which will help enhance the coin’s retail presence.