The price of Ethereum (ETH) challenger Near (NEAR) is surging after completing a new funding round.
From a low of $13.38 on Monday, the altcoin hit a high of $19.92 on Thursday following reports that the Near Foundation just raised $150 million in additional investments.
Three Arrows Capital CEO Su Zhu tells his 456,400 followers about the fundraising round on Twitter, revealing that the cryptocurrency hedge fund led the private token sale.
Other participants include crypto-focused funds Mechanism Capital, Dragonfly Capital, Andreessen Horowitz, Jump, Alameda, Zee Prime and Amber Group.
Pumped to lead this growth round for $NEAR @NEARProtocol
Gonna be a big year for crypto adoption and massively scalable DeFi https://t.co/zLUmev8fta
— Zhu Su ? (@zhusu) January 13, 2022
The Near protocol is a proof-of-stake blockchain and decentralized application platform that uses sharding technology. The Ethereum rival is a newcomer in the crypto space, but investors and analysts alike have bullish outlooks for the crypto asset.
According to Su, macro investors are holding on to the cryptocurrency even as they exit their other positions amid the market correction. Meanwhile, pseudonymous crypto analyst Cantering Clark says that the altcoin may rise above $20 and even climb to $50.
At time of writing, NEAR is trading at $19.32.
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/zeber/Sensvector
Source: https://dailyhodl.com/2022/01/14/new-ethereum-competitor-soars-after-announcing-150000000-fundraising-round/