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The NEAR foundation has raised $150 million in new funding to speed up its mission to help billions of people learn about and use the blockchain and other decentralized technologies that drive the emergent Web3.

The funding round was led by Three Arrows Capital, with participation from Circle Ventures, Amber Group, Jump, Alameda, a15z, Zee Prime, MetaWeb VC, and 6th Man Ventures.

Including this round, NEAR has raised $162 million in venture capital funding to date, according to Crunchbase data. In addition to this funding, the company has also raised capital by selling tokens.

Easy to use and scalable

NEAR was founded in 2018 and offers a scalable blockchain (also named NEAR) designed to provide the performance and user experience needed to speed up the adoption of decentralized apps. The blockchain was designed with ease of use and scalability in mind to serve developers and end-users.

The foundation says that the creator economy needs this infrastructure, intuitive developers, and an engaged community. Within this community, NEAR will bring together creators on nonfungible tokens or NFTs, and both decentralized finance and autonomous organizations. NEAR’s pitch is all about eliminating the barriers to Web3 adoption.

The future could be NEAR

Even though NEAR offers a standalone blockchain, it can run with Ethereum, Cosmos, Polkadot, and other blockchains, so assets can flow freely and set up communications for a future that brings these chains together.

The NEAR network was launched in the 4th quarter of 2020 and has processed more than 70 million transactions, with 2.3 million accounts, 200,000 community members, more than 100 guilds, and 1,700 active monthly builders.

Marieke Flament, NEAR’s CEO, said in a Medium post that the foundation looks forward to leveraging the funding to improve access to decentralized technologies across the globe.