NEAR Raises $350M To Bring Market Cap Over $10B

The protocol has established communities in Asia, Africa and Europe, and is aiming to expand support in emerging communities in Latin America, Turkey and India


Blockworks exclusive art by Axel Rangel


key takeaways

  • NEAR protocol announced its second fundraise since January
  • The capital will be used to expand regional hubs around the world, the protocol said

Blockchain project NEAR Protocol has announced the close of another funding round.

Just three months after its $150 million raise, NEAR announced an additional $350 million capital raise Wednesday, bringing its market cap to more than $10 billion as of Wednesday.

The funding round, led by Tiger Global, will be put toward growing regional hubs in key community centers across the globe, according to a statement.

“NEAR is poised to be a leading smart contract blockchain platform, combining first-rate technology with a fast-growing developer ecosystem,” partner at Tiger Global John Curtius said in a statement.

The protocol has established communities in Asia, Africa and Europe, and it aims to expand support in emerging communities in Latin America, Turkey and India, the company said.

Since its mainnet launch in late 2020, the NEAR network has processed over 70 million transactions and supported over 2.3 million accounts. Its Ethereum-compatible Aurora scaling solution is responsible for $800 million of Near’s $1.1 billion in total value locked (TVL), according to DefiLlama.

After its January raise, the protocol’s native token, NEAR, jumped nearly 10% to trade just under $20 before falling to around $15 in recent weeks. It was trading down about 3% Wednesday afternoon.

NEAR, which seeks to rival layer-1 protocols including Solana and Ethereum and claims to be the first truly sharded network in the world, also recently announced a series of decentralized autonomous organization (DAO) partnerships, including being selected by Orange DAO as its preferred layer-1 blockchain for Web3.

“We are thrilled to have been selected by some of the brightest minds in the world as the preferred layer-1 chain on which Orange DAO members will want to build,” Marieke Flament, CEO of the NEAR Foundation, said in a statement. “We know that community-driven innovation benefits everyone, and this partnership is simply another example of our mission in practice.”

Illia Polosukhin, NEAR’s Ukrainian co-founder, is also a key player in the cryptocurrency community working to help efforts in Ukraine. He has helped evacuate at least 50 people out of Ukraine and raised more than $3 million, according to a Bloomberg report.

Other investors in the latest round include FTX Ventures, Dragonfly Capital and Blockchain Ventures.

Get the day’s top crypto news and insights delivered to your email every evening. Subscribe to Blockworks’ free newsletter now.

Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can’t-miss tweets and more from Blockworks Research’s Daily Debrief.

Can’t wait? Get our news the fastest way possible. Join us on Telegram and follow us on Google News.


upcoming event

MON - WED, MARCH 18 - 20, 2024

Digital Asset Summit (DAS) is returning March 2024. This year’s event will be held in our nation’s capital, where industry leaders, policymakers, and institutional experts will come together to discuss the latest developments and challenges in the ever-evolving world of cryptocurrency. […]

upcoming event

MON - WED, SEPT. 11 - 13, 2023

2022 was a meme.Skeptics danced, believers believed.Eventually, newcomers turned away, drained of liquidity and hope.Now, the tide is shifting and it’s time to rebuild. Permissionless II is the brainchild of Blockworks and Bankless. It’s not just a conference, but a call […]

recent research

Cosmos Hub: ATOM Economic Zone


Replicated Security, the Hub’s Validation-as-a-Service offering that went live in March, is the first step in bringing value accrual to ATOM stakers.



Kenya’s central bank doesn’t seem enamored by the idea of a CBDC but hasn’t slammed the door shut yet


Both Ethereum and Solana have enjoyed vibrant DeFi environments, but this has not yet been the case for Cosmos


As Japan takes important step forward on stablecoins, industry participants say, proposed US laws around such crypto assets remain in flux


Stablecoins offer global financial access and on-chain transactions without limitations, while FedNow falls short in terms of utility, global reach and inclusivity


Connext wants to make using layer-2s and layer-3s a seamless experience


GameStop has been dabbling in Web3 initiatives since at least January 2022