Cryptocurrency giant Digital Currency Group is betting big on Near Protocol’s NEAR token, fueling its big rally
Earlier this week, Near Protocol secured $350 million in funding from American investment firm Tiger Global and other participants. This was preceded by a $150 million funding round spearheaded by cryptocurrency hedge fund Three Arrows Capital and quantitative cryptocurrency trading firm Alameda Research.
Near Protocol is a smart contract-enabled blockchain designed to host decentralized applications (dApps). The Ethereum competitor aspires to achieve high scalability with the help of dynamic sharding, which makes it possible for the network to continue expanding its capacity as the number of nodes continues to increase.
Last August, the project launched an Ethereum bridge called Rainbow, making it possible to transfer ERC-20 tokens between the two blockchains.
Zeroing in on Shiba Inu
NEAR is currently the 16th cryptocurrency by market capitalization. It is now on track to surpass meme coin Shiba Inu (SHIB), whose performance has been rather underwhelming in 2022 so far.
Over the past 24 hours, NEAR has soared more than 22%, becoming the best-performing of the top 100 cryptocurrencies for the day. It is now up 42.38% in a single week despite the fact that the broader crypto market has hit a snag.
Bitcoin and Ethereum remain Digital Currency Group’s biggest holdings by far. Zcash (ZEC) and Horizen (ZEN) come in fourth and fifth places, respectively.
Compiled by Metacrunch. Metacrunch is a news complier and aggregator platform which aims to spread awareness and updates on Metaverse, Web 3.0 Technology, Blockchain, Cryptocurrency, NFTs, Airdrops and many more.
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