Near Protocol, a San Francisco-based platform for developing decentralized applications, has raised $12.1 million in venture capital.
Hedge Fund Metastable Capital and venture firm Accomplice led the oversubscribed round.
Additionally, “parallelism” could allow the network to linearly scale as more nodes join, eliminating network capacity limits. Meta transactions, contract-based accounts and gas fee rebates are also available at the protocol level.
“We believe that Near’s developer-friendly proof-of-stake protocol will usher in a new wave of decentralized applications and give power back to end users,” said Ash Egan, who directs crypto investments at Accomplice.
Near intends to use the funds to recruit more developers and build-out a mainnet of its platform, which is currently operating in beta. The beta protocol currently has fewer than 10 users, though, "we are in contact overall with 75 projects at the moment," said CEO Alex Skidanov.
Long term, Near's aspirations run much deeper. Said Skidanov:
To get there, Near will focus on a fair token distribution, adoption by both validators and companies, and capturing a significant portion of the existing blockchain market.
Other round participants include Electric Capital, Pantera Capital and Amplify Partners, as well as contributions from Coinbase Ventures and Ripple’s Xpring, among others.
Said Pantera partner Paul Veradittakit:
Near co-founder Alex Skidanov (right) speaks with Tendermint's Zaki Manian (left). Photo via Twitter
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.