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.

Don’t miss the next big story – join our free daily newsletter.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research report - cover graphics (1).jpg


In this report, we dive into crypto private market data to gather insights on where the future of the industry is headed. Despite a notable downturn in private raises, capital continues to infuse promising projects that aim to transform payments, banking, consumer experiences, community, and more, with 2023 being the fourth-largest year for crypto venture capital.


BUZZ holds shares of Coinbase, Robinhood and MicroStrategy


Opinion: Even though I didn’t pay for my “Diamond Hands” burger with BTC, don’t let that fool you into thinking that crypto’s development is futile


The results mark “a major positive inflection point,” one analyst says, as the exchange carries net income momentum into a crypto rally


While the slate of 10 US spot bitcoin funds have tallied $4.6 billion of net inflows thus far, half of the field is lagging the leaders


Trading volumes totalled $154 billion in Q4, including $125 billion in institutional volume


DeFi on Bitcoin is all the rage right now and Stacks is positioned to benefit