NEAR Protocol Raised $150M In Funding, Its Price Reaches $20

NEAR Protocol raised $150 million in funding from major industry investors like Three Arrows Capital, Alameda Research, and Andreessen Horowitz, and thanks to that, the price of NEAR is now reaching $20 as we can see in today’s altcoin news.

Near Protocol raised $150 million in new funding round from top crypto investors in preparation for a further DEFI-oriented movement ahead. The protocol closed $150 million in funding from high-profile investors and some of the names include Su zhu’s Three Arrows Capital, Alameda Research, Dragonfly Capital, Andreessen Horowitz, and others. The funding happened through a private token sale and was completed in two weeks which shows the high interest in the protocol.

Speaking on the matter was Ashwin Ramachandran who is a general partner at Dragonfly who said:

“Near has done a great job from a technology standpoint, and we want to help them achieve a level of developer, user, ecosystem adoption which reflects their current level of technology innovation.”

The price of the token when the sale happened was not disclosed but after the news broke out, the NEAR price surged and now eyes $20.

As recently reported, The asset’s price action came amid the flurry of activity around the project in the past few weeks. The latest notable integration was announced by Synapse Protocol as a Defi crypto exchange and cross-chain bridge that became available on Aurora virtual machine that allows Ethereum developers to build on Near Protocol. Last month, the team behind the protocol announced the integration of UST, Terra’s US dollar-pegged stablecoin coupled with a few several incentive campaigns aimed at improving the stablecoin’s liquidity. Other integrations include DeFi projects such as DePocketfinance, EndlessFM, and CraftingFinance, helping the protocol’s token price surged by 95.2% over the past two weeks and 110% in the past month.

With a market cap of $10 billion, NEAR is now the market’s 23-rd biggest crypto. Fantom, the native token of the Ethereum compatible layer-1 blockchain is another top gainer of the day. FTM increased by 15.3% and it Is trading at $2.88 but looking back, the gains were ongoing as the token increased 109.6% in the past two weeks. According to the data from Santiment, the number of Fantom’s active addresses grew to levels last seen in November that boosted the total value locked across the Fantom ecosystem and a new record high of $5.86 billion. Other Layer-1 tokens are on the rise as well like Harmony and Tezos that posted gains of about 8%.