Near Protocol (NEAR) Shows Bullish Signs After $350 Million Funding Round 

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On 6 April 2022, Near Protocol (NEAR) announced that it had raised $350 million in a funding round led by Tiger Global, a New York hedge fund. Additionally, the fundraiser caused protocol to rally by almost 30%.

NEAR Price Aims to Rise by 100% 

NEAR’s price hit over $19.75, just about 2.5% below its all-time high. Nevertheless, experts believe that the NEAR/USD pair has the potential to reclaim its best level to date and even extend in the coming weeks.

Bullish predictors are focused on adoption. For example, Zoran Cole, popular Telegram personality and founder of the “Crypto Inside” group, highlighted that Near Protocol would announce the launch of its personal native algorithmic stablecoin, called USN, as early as 20 April.

The stablecoin will utilise a terra-like native token burn mechanism to maintain the U.S. dollar peg, effectively reducing the NEAR supply cycle.

Furthermore, based on Cole’s investment thesis, near will offer stakers an annual percentage yield of around 20%, stimulating DeFi capital rotation toward its pools and simultaneously boosting NEAR’s demand.

He noted: “This will lead to a comparison of Near to Terra as the narrative for attractive stablecoin yields proliferates,”

“Terra currently has a market capitalisation of approximately $40 billion while Near sits at $10 billion. The catalysts above will strengthen Near’s fundamentals in both the short and long term and likely cause its market capitalisation to appreciate by 100% at minimum over the next few months.” Cole further added.

Echoing this sentiment, Slim Trady, a pseudonymous market analyst, also believes NEAR will hit new heights, adding that “no substantial resistance left” on the coin’s chat could cap its upward momentum.

NEAR to Join Coinbase and FTX Listing 

NEAR is ranked among the top-20 crypto assets by market capitalisation. However, only a few crypto exchanges list the token on their platform. These exchanges include Binance, Huobi, KuCoin and Upbit. As a result, NEAR has limited exposure, especially in voluminous markets like the United States.

Nevertheless, Kole reported that one of the leading U.S-based exchanges, Coinbase, will list NEAR on its platform in a few months, increasing the coin’s retail visibility.

“This also paves the way for Near NFTs to be integrated into Coinbase’s upcoming NFT marketplace,” he added.

Another prominent crypto exchange, FTX, could also list NEAR pairs, given that its investment arm FTX Ventures is one of the backers in Near Protocol’s latest $350 million funding rebound.