NEAR Protocol, a dApp platform, closes a $150M round

The Near Protocol team, which develops blockchain to create dApps (decentralized applications), has raised a new investment round. AIN.UA tells the details of the financing.

  • NEAR Protocol has raised $150 million. Previously, the team has already attracted about $70 million from investors from all over the world.
  • The round was led by Three Arrows Capital with participation from Dragonfly Capital, a16z, Mechanism Capital, and others. 
  • The money will be used to develop NEAR’s regional hubs and raise awareness for its brand. Moreover, part of the funds will go toward accelerating the adoption of Web3 technologies.
  • The project has its own token of the same name. After the news announcement, it rose in price to $19 per token. The market capitalization increased to $11 billion.

Illia Polosukhin from Kharkiv, Ukraine, is the co-founder of NEAR Protocol. There is also a part of the Near Protocol team in Ukraine. The peculiarity of Near Protocol is speed and affordability. According to representatives of the project, their system can process up to 100,000 transactions per second, and their cost will be much cheaper than other options available today.