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Near Foundation supports Web3 sector introduce $100 million

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Indrani bose Follow

INDIA

Sep, 19 2022

Sep, 19 2022

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Near Foundation supports the Web3 sector?by introducing?a $100 million?fund?in collaboration with the venture capital firm Caerus Ventures, which?encourages?funding early-stage businesses.? 


Supporting engineers, builders, and developers who work in the burgeoning Web 3 industry will be the primary objective of this collaboration as per the report. A $50 million initial closing will be followed by an additional $100 million in closings for seed to series A investments. The NEAR Foundation will work with Caerus, which is a company formed by Nathan Pillai, to support the top Web3 programmers, engineers, and business builders as they work to produce "category-defining solutions around legendary talent and IP." Projects in the portfolio will also receive cross-functional support from the fund. 


The NEAR Foundation, a?Swiss non-profit organization based in Switzerland that has created the NEAR Protocol (NEAR), recently also announced launching?a venture lab.?? 


Because of its "strong investment thesis focused on the tokenization of entertainment and decentralization of rights and licensing," the NEAR Foundation has chosen to support Caerus. The layer one blockchain known as NEAR Protocol was created by Alexander skidanov and Illia polosukhin and enables a number of Dapps and NFT marketplaces among other things.  


Near Foundation also took part in other partnership deals:


In order to support the establishment of a regional hub, the Foundation has reached an agreement with the Kenyan blockchain group sankore. By collaborating with the Kenyan blockchain tech community sankoreearlier this year, Near Foundation increased its reach in Africa. Both parties plan to build a blockchain technology unit in the area that will focus on cryptocurrency breakthroughs, education, and talent development across the continent over the term of the deal. 


In June, Binance Crypto exchange Labs, the deal financial resources and innovation incubator of Binance Crypto exchange, raised $500 million for its first start-up fund with the intention of allocating the money to firms involved in the Web 3 ecosystem.  


A month later, Magic Eden, a non-fungible token (NFT) marketplace with headquarters in Solana Beach, California, unveiled a $130 million transaction financial resources fund that will be primarily focused on assets for Web 3 games. 


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Indrani bose

CBW - External Analyst

INDIA

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