Close to Protocol on Wednesday introduced a $350 million funding spherical led by hedge fund Tiger World to “speed up the decentralization of the NEAR ecosystem.”
Close to Protocol Raises $350M
New York-based enterprise agency Tiger World led the funding spherical. Republic Capital, Hashed, FTX Ventures, Dragonfly Capital, and others are additionally collaborating within the funding spherical. In accordance with a press launch, the brand new cash will assist NEAR enhance the variety of regional hubs and broaden its ecosystem considerably.
The newest spherical of funding comes lower than three months after Close to introduced a $150 million funding spherical. The corporate mentioned that extra enterprise investments in initiatives and purposes based mostly on the NEAR protocol could be introduced within the coming weeks, specializing in NEAR and Aurora-based DeFi merchandise and purposes.
What’s NEAR Protocol?
NEAR Protocol, an open-source platform for decentralized purposes, was based in 2018. For the reason that launch of Mainnet in October 2020, it has targeted on creating a user-friendly surroundings for builders of decentralized purposes. A significant function of the blockchain is sharding expertise to create scalability. Close to is thus in a position to divide the blockchain into smaller, extra manageable elements.
In April 2021, NEAR launched Rainbow Bridge to allow the switch of ERC-20 tokens between the Ethereum and NEAR blockchains. And because of giant quantities of funding, the Close to ecosystem snowballed within the final quarter of 2021, as Aurora raised $12 million from Close to in October to make the community appropriate with the Ethereum Digital Machine.