Cryptocurrency giant Digital Currency Group bets big on Near Protocol’s NEAR token, fueling its big rally
In a recent tweetDigital Currency Group CEO Barry Silbert revealed that Near Protocol’s NEAR token is the company’s third-largest holding.
Earlier this week, Near Protocol secured $350 million in funding from US investment firm Tiger Global and other participants. This was preceded by a $150 million funding round led by cryptocurrency hedge fund Three Arrows Capital and cryptocurrency quantitative trading firm Alameda Research.
Near Protocol is a smart, contract-enabled blockchain designed to host decentralized applications (dApps). The Ethereum competitor aspires to achieve high scalability using dynamic sharding, which allows the network to continue to expand its capacity as the number of nodes continues to increase.
Last August, the project launched an Ethereum bridge called Rainbow, allowing ERC-20 tokens to be transferred between the two blockchains.
Zoom on Shiba Inu
NEAR is currently the 16th cryptocurrency by market capitalization. It is now on track to outperform the Shiba Inu (SHIB) meme coin, which has performed rather disappointingly in 2022 so far.
Over the past 24 hours, NEAR has climbed over 22%, becoming the top performer of the top 100 cryptocurrencies of the day. It is now up 42.38% in a single week despite the broader crypto market hitting a snag.
Bitcoin and Ethereum remain Digital Currency Group’s largest holdings by far. Zcash (ZEC) and Horizen (ZEN) occupy the fourth and fifth places respectively.