Near Protocol, a US-based decentralised software deployment platform provider, completed a $21.6m round featuring cryptocurrency services provider Blockchange on Monday.
Venture capital firm Andreessen Horowitz led the round through its crypto fund, investing alongside blockchain-focused VC firms Distributed Global, Pantera Capital, Electric Capital and Libertus Capital.
Founded in 2017, Near Protocol has created a software protocol called MainNet that enables developers to implement and optimise decentralised digital assets including financial contracts and video game items.
The protocol is compatible with existing public blockchains and is intended to be more scalable and adaptable than existing approaches.
MainNet’s development functionality was launched at the same time as the funding announcement. Near Protocol will put the cash into a wider rollout that will include opening access to crypto tokens.
Digital currency trading service Coinbase, cryptocurrency remittance platform Ripple and design consultancy Ideo all featured in Near Protocol’s $12.1m series A round in July 2019.
The series A was co-led by hedge fund manager Metastable and venture capital firm Accomplice and also included Amplify Partners, Multicoin Capital, ACapital, Pantera Capital and Scalar Capital as well as assorted angel investors.
Coinbase and Ideo participated in the round through their respective venturing arms, Coinbase Ventures and Ideo Colab Ventures, with Ripple investing through its Xpring fund.