Wednesday, April 24, 2024
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NEAR Protocol plans to increase key community centres globally

NEAR Protocol, a blockchain project, has raised $350 million in an investment round led by Tiger Global, with Republic Capital, Hashed, FTX Ventures, Dragonfly Capital, and others participating.

According to a corporate release, the new funding would assist NEAR in growing “the number of regional hubs in significant community centres across the world.”

“NEAR is well-positioned to be a leading smart contract blockchain platform, combining cutting-edge technology with a rapidly expanding developer community. We’re excited to be partnering with NEAR as we increase our investments in the digital asset space,” said John Curtius, a partner at Tiger Global.

NEAR Protocol, an open-source platform for decentralised apps, was created in 2018. The NEAR Foundation, which governs the development of the NEAR blockchain, secured $150 million in a round headed by Three Arrows Capital, Alameda, and Jump in January. Marieke Flament, the foundation’s CEO, said in January that part of NEAR’s broader aim is to be the go-to place to create web3 apps and make the ecosystem as a whole more inclusive.

NEAR released Rainbow Bridge in April 2021 to allow the transfer of ERC-20 tokens across the Ethereum and NEAR blockchains. NEAR joined ICON’s Blockchain Transmission Protocol (BTP) in June, enabling data to be transferred to partners such as Polkadot and Harmony. NEAR also collaborated with Ardana in November to build a bridge that would enable assets to flow between Cardano and NEAR.

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Jeewan Singh
Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


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