American blockchain firm Near has raised over $12 million in its Series A round from a range of high-profile investors.


American blockchain firm Near has raised over $12 million in its Series A round from a range of high-profile investors, including Coinbase Ventures and Pantera, the Block reported on July 10.

Near -mdash; a startup that develops a public, proof-of-stake (PoS) blockchain focused on usability and scalability -mdash; has secured $12.1 million from industry players such as Coinbase Ventures, the investment arm of crypto exchange Coinbase, investment firm Pantera Capital, crypto hedge fund Multicoin, and Ripple-rsquo;s developer ecosystem project Xpring, among others.

Unlike an initial coin offering-like approach, Near decided to secure funds in exchange for native tokens. Near is reportedly planning to allocate the raised funds -ldquo;to recruit more developers, to accelerate the development of additional tooling and to launch the Naer Protocol mainnet.-rdquo;

In April, Coinbase Ventures along with major technology investors such as Accomplice, Paradigm, and General Catalyst, made an investment into blockchain scalability project Coda. Coda aims to address blockchain-rsquo;s scalability problem by compressing blocks and providing zero-knowledge proofs rather than most crypto-related firms.

In February, San Francisco-based blockchain lending firm Dharma Labs raised $7 million from big investors including Coinbase Ventures. Dharma Labs planned to use the raised capital mostly for its Lever product, a platform providing instant margin loans for cryptocurrency traders and high-volume investors.

Earlier today, Cointelegraph reported that global payment giant Visa recorded its second investment in a cryptocurrency project by leading a $40 million funding round of crypto custody service Anchorage startup.





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