NEAR Protocol sets up an $800m fund to develop its ecosystem

The NEAR Protocol team announced the creation of an $800 million fund to finance developers and individual projects in the ecosystem via grants.

? Early #NEARCON Announcement! ?

Learn more about @NEARProtocol‘s $800M Global Ecosystem Fund. ?https://t.co/00UaiA3jC1

— NEAR Protocol (@NEARProtocol) October 25, 2021

Of the total fund, $250 million will be allocated to grants to help existing projects develop and scale further.

$100 million will be split among 20 startups. A similar amount will go towards regional funds to promote NEAR development in Asia, Europe and the United States.

The program’s main focus is DeFi — $350 million of it comes from Proximity Labs. The developers noted that Proximity is a group of early NEAR participants who left the parent company to operate as an independent organisation.

Earlier in October, the cryptocurrency exchange Binance announced the launch of a $1 billion fund to develop and support the Binance Smart Chain ecosystem.

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