March 4, 2024

NEAR Blockchain Startup Working on Sharding Raises $ 21.6 Million Investment

Startup NEAR, which recently launched its blockchain mainnet, raised $21.6 million in a round led by Andreessen.Horowitz round of financing.


Libertus, Blockchange, Animal Ventures, Pantera Capital and Electric Capital and other investors also participated in the round.

According to NEAR, after nearly twoyears of development, their platform is more productive, functional and less expensive than Ethereum. According to TechCrunch, previously the creator of the second cryptocurrency capitalization, Vitalik Buterin, expressed concerns that NEAR could pose a serious threat to its creation.

NEAR develops a public blockchain based onProof of Stake The system uses an innovative consensus mechanism called Nightshade with implementation of sharding, due to which in theory there are no restrictions on network bandwidth.

The startup team included developers from Facebook, Google and Niantic, and its former Microsoft employee Alexander Skidanov led it.

Recall that in the middle of last year, NEAR attracted investments from Multicoin Capital and Coinbase Ventures as part of the Series A funding round.