Near Protocol raises $150M to promote Web3 adoption

Ethereum competitor Near Protocol raised funds for Web3 adoption, with Three Arrows Capital and Andreessen Horowitz supporting the PoS blockchain. Read the full article by Ezra Reguerra “Neither this post nor any other on cryptofal.com should be taken as financial advice. It is not.”

Ethereum will always have the first-mover advantage when it comes to anything involving blockchain and Web3 building but many are trying to eat away at the market share. All popular alternatives to ETH saw a major run-up in price as people could not afford the high fees that came with transacting on ETH.

This could be the year where those other blockchains like Cardano, Avalanche, and Solana gain more ground. Another proof-of-stake blockchain putting its name in the conversation is Near Protocol. Near just raised $150 million in investments to fund their Web3 research and development.

Big-name investors included Three Arrows Capital, a16z, Alameda, and Circle ventures. “We are excited to support the NEAR team and ecosystem as they scale blockchain applications,” said Kyle Davies, co-founder and chairman of Three Arrows Capital. Near has been active in the past year as they set aside $800 million to incentivize developers to build on it and accelerate the defi space and they also partnered with Cardano.

There are so many blockchain ecosystems out there now and will continue to be even more made going forward. It may not matter which one is on top but could come down to which one is best suited for what you’re trying to build. Avalanche may be better for building Dapps on and Cardano may be an all-around more secure blockchain. They will all co-exist it will just come down to preference.