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Money continues pouring in to companies within the digital asset sector as venture capitalists place bets on which will thrive. The latest example of this comes from Near Protocol (NEAR) – a company dedicated towards offering developers a safe and secure avenue through which decentralized applications (dApps) can be developed.
Details of the Raise
Announced April 6th, 2022, this latest raise by Near Protocol comes in at $350M – a substantial amount, which should allow for Near Protocol to achieve its short-term goal of boasting decentralization of its services. While Tiger Global is said to have led the way, Near Protocol was able to attract the following investors in this particular round of financing.
- Blockchange Ventures
- Dragonfly Capital
- FTX Ventures
- MetaWeb Ventures
- ParaFi Capital
- Republic Capital
- Tiger Global
Notably, there was already a connection tying Near Protocol and Tiger Global before the latter was announced to have spearheaded this latest $350M round. In late January, Tiger Global also led a $50M raise by The Graph – a company which had established a partnership with Near Protocol nearly a year prior.
Upon announcing this successful raise, representatives from various of the investors took the time to comment.
Boris Revsin, Managing Director at Republic Capital, stated, “Republic Capital did an in-depth analysis into the NEAR ecosystem and found that the builders in the space recognize the protocol as key to their deployment roadmap…Community, tooling, documentation and support are critical to successful applications, and we believe NEAR is best in class in these important areas.”
John Curtius, Partner at Tiger Global, states, “NEAR is poised to be a leading smart contract blockchain platform, combining first-rate technology with a fast-growing developer ecosystem. We're excited to support NEAR as we ramp up our investments in the digital assets space.”
With this round of financing completed successfully, it marks the second time in the last few months that Near Protocol has pulled off such a feat. Dating back to mid-January, a $150M round of financing was completed within a mere 2 week span.
Prior to that, Near Protocol completed its first raise in mid-2020, bringing in over $21M at the time.
In total, Near Protocol has raised in excess of half a billion dollars to date, making it one of the most well-funded projects around. Naturally, expectations of what the company will achieve have also been raised.
In Other News
Aside from the aforementioned events, Near Protocol has been busy elsewhere as of late, having recently announced a partnership with Multichain which will see communication between blockchains boosted with the use of multi-chain assets.
To learn more, make sure to visit our Investing in Near Protocol (NEAR) guide.
Joshua Stoner is a multi-faceted working professional. He has a great interest in the revolutionary 'blockchain' technology.