One Ethereum Rival Is Exploding As Institutional Traders Pile In – And It is Not Solana, Avalanche or … – The Day by day Hodl

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An Ethereum (ETH) challenger is surging after blue-chip investors poured hundreds of millions of dollars into the crypto project.

According to a new report by Bloomberg, Near Protocol (NEAR) just raised $350 million led by tech investment firm Tiger Global, nearly double what it acquired through fundraising just three months ago.

NEAR is a layer-1 blockchain network and Web 3.0 development platform that aims to solve issues associated with compatibility and limited throughput. It’s also a hub for the development of decentralized applications.

News of the institutional investments sent the token of Near Protocol flying. The crypto asset’s price tag went from a 24-hour low of $14.73 all the way to $19.52 in just one day, a staggering 32% increase.

NEAR has since stabilized and is changing hands at $19.12 at time of writing, still up over 22%.

Bloomberg says that the funds raised mean that investors see NEAR as a possible cornerstone of the decentralized web’s future.

Amos Zhang, a partner at venture capitalist company MetaWeb VC, told Bloomberg that this latest round of fundraising is a hint that investors “feel NEAR might be one of the protocols that can take over the world.”

Global investing giant Digital Currency Group (DCG) has also amassed a sizable collection of Near Protocol.

DCG CEO and founder Barry Silbert tells his 742,000 Twitter subscribers that the company’s third-largest crypto holding is NEAR, behind only leading crypto asset Bitcoin (BTC) and top smart contract platform Ethereum.

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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/Rakesh9966/Natalia Siiatovskaia


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