NEAR Protocol raises $350 million from Tiger Global and several other investors

NEAR Protocol raises $350 million from Tiger Global and several other investors

The NEAR Protocol team has closed its second $350M funding round in 2022, led by Tiger Global venture capital fund, with participation from Republic Capital, Hashed, FTX Ventures, Dragonfly ...

The blockchain developer Near Protocol raised $350 million, more than double what it got just three months ago. The investment, led by Tiger Global, is a sign of the frenzy surrounding crypto startups.

Near Protocol’s market cap as of Tuesday was more than $10 billion, according to data from the cryptocurrency tracker CoinGecko. Near investors plan to announce the new funding on Wednesday.

Its backers see the deal as a signal that a wider variety of investors have faith in the blockchain’s ability to be an underpinning of a decentralized web. A check from a firm like Tiger Global “obviously means they feel Near might be one of the protocols that can take over the world,” said Amos Zhang, a partner at MetaWeb VC, which focuses on investments that are part of the blockchain’s wider ecosystem.

Near’s $150 million round in January was largely funded by crypto-native investors. Near is distinctive, in part, for its emphasis on being easy to use for a broad audience, said Zhang. Over time, he hopes that effort makes the transition from today’s web to a more crypto-based future more seamless.

More immediate, though, is the Russian invasion of Ukraine, which rattled the crypto company. Near’s Ukrainian co-founder, Illia Polosukhin, has helped move at least 50 people out of the country and raised more than $3 million to pay for medicine, food and evacuation efforts. Ukraine, a country with a thriving crypto scene, has seen entrepreneurs and tech leaders rally to organize grassroots support for troops and refugees. Polosukhin, who is now in Portugal, was part of a wave of millions of Ukrainians to leave the country in recent weeks.

Related posts