The NEAR Protocol has just closed a $350 million funding round that has been led by venture capital fund Tiger Global and that has seen the participation of Republic Capital, Hashed, FTX Ventures, Dragonfly Capital and other investors.
As a result of the funding round, the price of the native token of the protocol has soared by 9% to $16.8.
The company has said that the funds will be used to increase the number of regional hubs in key community centers around the world.
The NEAR Protocol team has said that there are about 300 applications running on the NEAR platform with more than 200,000 community members worldwide.
According to data from DeFi Llama, the amount of funds locked in the NEAR Protocol DeFi ecosystem has reached $312 million.