NEAR Foundation closed a $150 million funding round less as it looks to become the hub of an open web3

The NEAR Foundation closed its funding round for less than $150 million because it appeared to be at the heart of an open web3.

NEAR Foundation raises $150 million as it looks to become a hub of web3 development

Three-Arrows Capital led the token sale with participation from Mechanism Capital, Dragonfly Capital, a16z, Jump, Alameda, and Circle Ventures. The NEAR Fund launched in 2020 following a $21 million token sale and help from backers, including a16z and Pantera Capital.

The non-profit platform oversees the development and governance of the proof-of-stake NEAR blockchain. On January 1 of this year, the platform installed Marieke Flament, who previously led a fintech bank in London, as its new CEO. In a recent interview with The Block, Flament said NEAR wanted to create a world that automatically links to web3.

To that end, it created an $800 million endowment fund for projects, with $450 million allocated for ecosystem and startup grants and 350 million dollars are allocated for DeFi through its DeFi DAO, which makes spending on protocols applicable to liquidity mining schemes.

The basic principle of NEAR is to be a development hub and an easy-to-use platform for developers. At the installation time, Flament said that her hope was to decentralize the platform to a point where her work is no longer needed. In the meantime, she hopes to create more accessibility to web3.

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