NEAR acquires $150 million to establish itself as a center for web3 development

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The NEAR Foundation, which aims to become the heart of an open web3, has concluded a $150 million investment round.

Mechanism Capital, Dragonfly Capital, a16z, Jump, Alameda, and Circle Ventures were among the investors in the token sale, which Three-Arrows Capital headed.

After a $21 million token sale and support from supporters, including a16z and Pantera Capital, the NEAR Foundation was formed in 2020. The non-profit platform is in charge of the proof-of-stake NEAR blockchain’s development and governance.

Marieke Flament, who formerly ran a fintech bank in London, was appointed as the platform’s new CEO on January 1st. Flament told The Block in a recent interview that NEAR aims to build a future where it’s immediately connected with web3.

To that purpose, it’s already set up an $800 million project grant fund, with $450 million going to ecosystem grants and startups and $350 million going to decentralized finance (DeFi) through its DeFi DAO, which manages to spend for protocols applying for liquidity mining programs.

Flament told The Block after her installation that her goal is to decentralize the platform to the point that her role is no longer required. In the meanwhile, she hopes to improve web3 accessibility. As per Flament, the core premise of NEAR is to be a development center and an easy-to-use platform for developers.

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