The price of NEAR is increasing. In the last 24 hours, the token has climbed by more than 10%. It has also risen by more than 25% in the recent week. It is currently worth $5.18. The cryptocurrency rose today after the NEAR Foundation announced the establishment of a $100 million venture capital and venture lab.

The new initiative will seek to increase the scope of Web3. The launch is in collaboration with Caerus Ventures. NEAR’s market cap climbed by 9% today as a result of the NEAR protocol’s achievements.

The venture fund will start with $50 million and expect to raise $100 million in Series A capital.

What Is NEAR?

$NEAR is the coin of the NEAR protocol, which aims to broaden the Web 3.0 ecosystem. It also creates tools for Web 3.0 developers, such as JavaScript and Rust for blockchain development. Furthermore, it has a scalable blockchain.

It also debuted its sharding technique to improve the scalability of Web 3.0 applications. Sharding is a method that divides transactions into smaller groups for execution before combining them to improve scalability. NEAR’s nightshade sharding technology hopes to sign up a billion people with its apps.

Near also offers a wallet and a staking product. The NEAR wallet is not a custodial wallet. A non-custodial wallet allows a user to own their private key entirely. Because of the lack of centralization, non-custodial wallets have no possible conflict of interest issues.

How far can it rally?

NEAR’s launch of a startup fund is not its only accomplishment. It reported that their protocol is now used by over 800 Web 3.0 projects. NEARCON is also being held in Portugal.

If NEARCON goes well, the token’s price will continue to rise. However, investors should be wary of the Fed’s hawkish posture.