Near Foundation unveils a $100 million fund for Web3 developers

Near Foundation is a non-profit based in Switzerland that is tasked with the development of the Near Protocol. The non-profit has reported unveiled a partnership with the Caerus Ventures venture capital firm to release a $100 million fund. The fund aims to support developers, engineers, and creators in the web3 sector.

The launch of the fund comes after the Near Foundation expanded its presence in Africa following a partnership with Sankore, a blockchain firm based in Kenya. Throughout the partnership deal, the two parties plan to create a blockchain unit focusing on cryptocurrency innovations, education, and talent development.

Near Foundation launches a $100M fund

A recent publication said that the Near Foundation, in partnership with Caerus Ventures, was willing to support the efforts made by participants in Web3 by launching a VC fund. The Near Foundation will lead the fund, with an initial closing of $50M and a target of $100M.

The CEO of the Near Foundation, Marieke Flament, commented on the development, saying that the creators, talent, and franchises that had a reach and influence were part of the growth, and they would be behind the large-scale adoption of Bitcoin. The fans would also be given broader access to the value created.

Buy Crypto Now

Your capital is at risk.

The founder of Caerus Ventures, Nathan Pillai, also commented on the development, saying that web3 technologies were yet to reveal their real value and the change in current trends. He also added that he was impressed by the approach of the Near Foundation in supporting developers and empowering consumers and creators by granting them more control over their assets.

Web3 is currently a popular topic in the cryptocurrency sector and has attracted multiple countries’ attention. In June, Binance Labs raised $500 million for its startup fund, with plans to allocate the funds towards organizations operating in the Web3 sector.

In July, Magic Eden, an NFT marketplace based on the Solana blockchain, launched a $130 million VC fund focusing on investments in Web3 gaming.

Near Foundation expands into Africa

Near Foundation unveiled a partnership with Sankore, a Kenyan blockchain company, in May. Under this partnership, the Swiss entity said it would create a regional hub to offer cryptocurrency education to the local community.

Developing countries in Africa have been facing tough economic times. Most residents in these countries do not have access to basic monetary services, which could be the main reason behind the high level of cryptocurrency adoption in the continent.

The founder of Sankore, Kevin Imani, commented on the partnership saying the hub would work on finding and growing talents for the blockchain sector in Africa. The company would also nurture the talents and make them world-class blockchain developers.

Imani also added that the objective was to become a leader in blockchain innovations to solutions in the African continent. The Near Protocol would also support the developers of tomorrow by allowing them to create custom solutions that are scalable, secure, and transparent. The hub was the next step toward turning out shared vision into reality.

Read more: