Near Foundation raises $ 150 million from major cryptocurrency investment firms

One of the most cash-rich ecosystems in the crypto space has just gotten richer as it prepares for the upcoming epic DeFi push.

Illia Polosukhin – Co-Founder Near

On Thursday, the Near Foundation announced the completion of a $ 150 million funding round. Su Zhus Three Arrows Capital led this private token sale that included large crypto funds such as Mechanism Capital, Dragonfly Capital, Andreessen Horowitz (a16z), Jump, Alameda, Zee Prime and Amber Group.

According to Ashwin Ramachandran, General Partner of Dragonfly, the fundraising was completed in 2 weeks reflecting the excitement about this promising chain.

“Near has done a great job from a technology point of view, and we want to help them be adopted by developers, users, and the ecosystem. This reflects their current level of technological innovation, ”he said, noting that the fundraising event was an opportunity to bring more crypto investment firms into the ecosystem.

The rating of the NEAR tokens was not disclosed other than that they were rated using a one-month time-weighted average (TWAP).

DeFi ecosystem

The above event is the latest activity by a well capitalized ecosystem trying to hold its own with a large pool of users and DeFi logs.

In October, Aurora raised $ 12 million from Near, which enables developers to fork Ethereum-based contracts and deploy Solidity code on-chain.

In addition, Near announced a $ 800 million ecosystem fund for the month, with $ 350 million in DeFi funding and liquidity mining.

“Before it felt like you had to pull the ecosystem, now the ecosystem is pulling you. It’s time for DeFi money Lego coins to multiply, ”said Near co-founder Illia Polosukhin at the time.

Sources familiar with the matter say that at least two of the funds that were involved in the recent raise also made oral commitments to provide emerging on-chain DeFi projects with liquidity when they started.

Dragonfly’s Ramachandran added:

“Near has always been an interesting Layer 1 for many people, but has fallen asleep due to a lack of applications in the ecosystem. There wasn’t much to do, but after we helped people see this was imminent, they were excited to have known the team for a while. “

As usual before the big announcement, NEAR is up 25% in the past few days to $ 19.7.

NEAR rose 5.6% on the news, hit a new all-time high and is currently trading at $ 19.19.

Source: Tradingview

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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