Near Foundation introduces $100 million fund for Web 3 developers (report)

The Near Foundation – the Swiss non-profit organization that oversees the development of the Near Protocol – is said to have partnered with VC firm Caerus Ventures to launch a $100 million venture capital fund and venture lab. The main objective will be to support engineers, builders and developers working in the emerging Web3 sector.

Earlier this year, the Near Foundation expanded its presence into Africa, along with the Kenyan blockchain community Sankore. Over the course of the agreement, the two parties plan to establish a blockchain unit in the region focused on crypto innovations, education, and talent development across the continent.

multi-million fund

A recent report said the Near Foundation and Caerus Ventures are willing to support the efforts of Web3 participants by offering a venture capital fund. It will be led by the Swiss entity, which will have an initial closing of $50 million and a target of $100 million.

“Innovators, talent, and franchisees with reach and influence have driven this growth and will now drive widespread adoption of blockchain. But this time around, they and their fans will have greater access to the value that is being created,” says Marek Flament, CEO of the Nir Foundation.

For his part, Nathan Pillay – founder of Caerus Ventures – said that Web 3 technologies have not yet revealed their true value and are changing current trends. He said he was “deeply impressed” by the Near Foundation’s way of supporting developers and giving creators and consumers more control over their assets.

“So we are creating this partnership to help revolutionize existing multi-tiered entertainment systems, increase market size while boosting greater equity,” he added.

Described as the new iteration of the Internet based on blockchain technology, Web 3 is a hot topic in the cryptocurrency space, and many companies have turned their attention to it.

In June, venture capital and innovation incubator Binance Labs raised $500 million for its first startup fund, with the goal of allocating funds to institutions that are part of the Web 3 ecosystem.

A month later, Magic Eden (Solana-based NFT Marketplace) introduced a $130 million venture capital fund that will primarily focus on investments in Web 3 games.

Close to the company’s operations in Africa

In May this year, the Swiss entity teamed up with Kenyan blockchain community Sankore, promising to set up a regional hub to provide crypto education for local residents.

Many developing countries on the African continent still suffer from major economic problems. In fact, many residents lack basic monetary services, which may be one of the reasons for the high rates of cryptocurrency adoption there.

The center will aim to find and develop talent for the sector across Africa and then “nurture talented individuals to become world-class blockchain developers.” Sankore founder – Kevin Imani, spoke about this:

“Our dream is to lead the way in blockchain innovation to deliver solutions to Africa’s biggest problems. The Near Protocol allows the biggest developers of the future to build customized solutions with scalability, security and transparency, and this hub is the next step in turning our shared vision into reality.”

The Near Foundation presents a $100 million fund for web developers 3 (report) that first appeared on CryptoPotato.

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