NEAR price is skyrocketing. The token has increased by more than 10% in the last 24 hours. It has also increased by more than 25% in the last 7 days. It is currently trading at $5.18. The token rallied today as news broke that the NEAR Foundation has announced the launch of a $100 million venture capital and venture lab.
The new launch will aim to broaden the scope of Web3. The launch is in partnership with Caerus Ventures. Just today, NEAR’s market cap increased by 9% in response to the accomplishments of the NEAR protocol.
The venture fund will initially have $50 million, with hopes of an extension to $100 million in Series A funding.
What Is NEAR?
$NEAR is the token of the NEAR protocol, a group that wants to expand the Web 3.0 ecosystem. It also builds tools for Web 3.0 developers, to help code them in JavaScript and Rust for blockchain. Moreover, it also has a scalable blockchain.
It also introduced its sharding technology to increase the scalability of Web 3.0 apps. Sharding is a technology where transactions are divided into smaller groups for execution and then combined to improve scalability. NEAR’s nightshade sharding technology aims to onboard a billion users on its apps.
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Near also has its wallet and staking product. The NEAR wallet is non-custodial. A non-custodial wallet allows a user to be the sole owner of their private key. Non-custodial wallets do not have a potential conflict of interest issues due to centralization.
How Much More Can It Rally
The venture fund announcement by NEAR is not its only accomplishment. It announced that now over 800 Web 3.0 projects are deployed on its protocol. It is also conducting NEARCON in Portugal.
If NEARCON goes well, the price of the token continues to rally. However, investors must be careful of the hawkish stance of the Fed.
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