In a recent tweet, Digital Currency Group CEO Barry Silbert announced the company’s third largest investment in the altcoin project. After the announcement, the price of the altcoin in question rose. Here are the details…
DCG gets the most from this altcoin project
Near Protocol’s NEAR token is the company’s third largest holding. Earlier this week, Near Protocol raised $350 million in funding from American investment firm Tiger Global and other contributors. This preceded a $150 million funding round led by cryptocurrency hedge fund Three Arrows Capital and crypto trading firm Alameda Research. Bitcoin and Ethereum remain the Digital Currency Group’s largest assets by far. Zcash (ZEC) and Horizen (ZEN) rank fourth and fifth, respectively.
Kriptokoin.com last August, the project was launched by Rainbow. It launched an Ethereum bridge called ERC-20 tokens between two Blockchains. NEAR is currently the sixteenth cryptocurrency by market cap. It is on its way to surpassing the meme token Shiba Inu (SHIB), which has been performing quite poorly in 2022 so far. NEAR’s market cap is $12.6 billion, while SHIB’s is $13.7 billion.
NEAR price soared with these developments
NEAR Protocol was designed as a community-run cloud computing platform and has some limitations that thwart competing blockchains such as slow transaction speeds, poor throughput, and poor interoperability. is the layer-1 network that eliminates it. This provides the ideal environment for DApps. It creates a developer and user-friendly platform. For example, NEAR uses human-readable account names, unlike the cryptographic wallet addresses common on Ethereum.
NEAR also offers unique solutions to scaling problems and has its own consensus mechanism called “Doomslug”. NEAR was the best performer of the day among the top 100 cryptocurrencies, gaining more than 26 percent in the last 24 hours. In a single week, it increased by almost 50 percent.
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