Tiger Global leads $350 million investment in Near Protocol blockchain with participation from Republic Capital, Hashed, FTX Ventures, Dragonfly Capital, and other investors. According to a statement released by the company, the newly acquired financing will help NEAR in increasing the number of regional hubs and country-wise positions located in significant community centers across the globe.
Combining high-caliber technology with a rapidly expanding community of software developers, the NEAR platform is well-positioned to become the industry standard for smart contract applications. John Curtius, a partner at Tiger Global, said in a statement that they are thrilled to support NEAR with $350 million investment in Near Protocol blockchain as they will allow them to scale up their investments in the wider crypto space. It was announced in response to NEAR’s announcement that it will be expanding its crypto operations.
In 2018, NEAR Protocol was established as an open-source framework for the deployment of decentralized applications (dApps). A funding round that raised in $150 million was headed by Three Arrows Capital, Alameda, and Jump in January. This round was part of the NEAR Foundation’s efforts to govern the development of the NEAR network. Marieke Flament, the CEO of the foundation, stated in an interview in January that one of NEAR’s overall missions is to be the go-to destination to build Web3 applications and to make the ecosystem as a whole more accessible.
Rising Venture Investment In Projects Building On NEAR Protocol
While Tiger Global leads $350 million investment in Near Protocol blockchain, this investment round comes on the heels of a very active year for NEAR as it raised millions in funding. Rainbow Bridge was first introduced by NEAR in April 2021 with the purpose of facilitating the exchange of ERC-20 tokens between the Ethereum and NEAR networks. In June, NEAR became a participant in ICON’s Blockchain Transmission Protocol (BTP), which enables data to be transmitted to partners such as Polkadot and Harmony. With the $350 million investment in Near Protocol blockchain, the NEAR’s market cap $10 billion is growing.
Additionally, in November, NEAR formed a partnership with Ardana to construct a bridge that will enable the transfer of assets from Cardano to NEAR. According to the business, the next few upcoming weeks will see the announcement of additional venture capital investments in projects that are building on the NEAR platform. The emphasis of these investments will be on NEAR- and Aurora-based DeFi products and applications. There are around 300 applications that are currently running and being built on NEAR, and there are more than 200,000 community members located all over the world.
In a statement, Republic Capital’s managing director Boris Revsin said that the company conducted an in-depth investigation of the NEAR ecosystem and concluded that the builders in the industry regard the protocol as crucial to their deployment strategy. He stated that having a community, having good tools, having good documentation, and having good support are essential to developing successful applications, and they believe that NEAR is the best in its class when it comes to these key aspects of crypto. The NEAR’s market cap $10 billion is growing thanks to the $350 million investment in Near Protocol blockchain.
Offering Unique Solutions To Scaling Problems
While Tiger Global leads $350 million investment in Near Protocol blockchain, let’s discover the essentials of the network. As a layer one blockchain that is capable of hosting dApps, NEAR is a potential alternative to Ethereum scaling projects. Validators are able to take turns producing blocks thanks to NEAR’s proprietary consensus method, which is called “Doomslug.” NEAR presents innovative solutions to scalability challenges and has its own consensus system.
NEAR also makes use of Nightshade, a form of sharding that is unique to NEAR and involves distinct sets of validators processing transactions in parallel across numerous sharded chains in order to increase the capacity of the network as a whole. NEAR is able to accomplish up to 100,000 transactions per second thanks to the combination of several different techniques, and the near-immediate completion of transactions is made possible by the block cadence that occurs every second.
This is accomplished with transaction fees costing fractions of a cent. The interoperability of the Near network with layer one networks like Cosmos is being developed rapidly at the moment. Alexander Skidanov and Illia Polosukhin are responsible for initiating NEAR in 2017 as a machine learning project that was initially referred to as NEAR.ai. Before joining MEMSQL as the director of engineering, Skidanov worked as a software developer for Microsoft. Polosukhin, on the other hand, managed engineering projects for Google. Besides, Amos Zhang and the head of Sharp-Darts joined 4NTs Guild recently discussed the growth and trajectory of the NEAR Ecosystem in an article.
They conducted research on blockchains for their AI apps and found that none of them satisfied their requirements. As a result, in August 2018, they started working on NEAR. They were successful and raised funding and immediately began developing the NEAR platform as a platform with the goal of providing developers with an easy method for creating dApps that are also capable of scaling to accommodate widespread use.
They merged the proof-of-stake (PoS) consensus mechanism with a new sharding strategy known as Nightshade and a new block creation strategy known as Doomslug. The NEAR mainnet went live on October 13, 2020, and its user base has been steadily expanding ever since. Now, as Tiger Global leads $350 million investment in Near Protocol blockchain, it is evident that there is rising interest in the project, and more investment rounds may be on the cards in the future.