Near Foundation Spins out Nuffle Labs Raising $13M Funding

funding Near Foundation Nuffle Labs
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Last updated:
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Journalist
Journalist
Tanzeel Akhtar
Author Categories
About Author

Tanzeel Akhtar has been covering the cryptocurrency and blockchain sector since 2015. She has written for the Wall Street Journal, Bloomberg, CoinDesk, Bitcoin Magazine and Bitcoin.com.

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Ad DisclosureWe believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more

The Swiss not-for-profit organization behind the NEAR Protocol, NEAR Foundation, has launched a new modular product suite to form Nuffle Labs. raising $13 million in funding.

The funding round was led by venture capital firm Electric Capital and NEAR Foundation said it contributed a grant toward Nuffle Labs.

Other participants in the funding round include investments from angel investors Dovey Wan from Primitive Ventures and Sandeep Nailwal from Polygon. Canonical Crypto, Fabric Ventures, Robot Ventures, Caladan, Lyrik Ventures and more.

NEAR Foundation said the investment will be used to work on the modular infrastructure of Nuffle Labs building for the next generation of high-performance rollups and decentralise innovation within its ecosystem.

“We are thrilled about the incredible opportunity to grow and develop NEAR’s modular product offerings at Nuffle Labs,” said Altan Tutar, CEO of Nuffle Labs.

“We’re proud to support the growth of Nuffle Labs as an independent company in the NEAR ecosystem,” said Illia Polosukhin, co-founder of NEAR Protocol and CEO of NEAR Foundation.

“These four excellent co-founders have built first-rate modularity products that showcase the best of NEAR’s technology with NEAR DA and the NEAR Fast Finality Layer, providing cost-effective and performant solutions to projects across Web3. We look forward to continued collaboration with the NEAR Foundation as they expand and evolve,” adds Polosukhin.

VC Funding Surges 2024

In February, Electrical Capital led a seed funding round in the crypto wallet provider Fordefi raising $10 million. The funding was raised to help bring its institutional-grade crypto wallet to retail platforms.

Venture capital funding in the Web3, gaming, artificial intelligence and crypto space has experienced a surge in the first quarter of 2024, breaking a two-year downtrend.

Both the total amount invested and the number of projects receiving VC funding have seen substantial increases since Q4 2023, according to data gathered by crypto analysis platform Crypto Koryo, as reported by Ruholamin Haqshanas from Cryptonews.

More Articles

Industry Talk
Whale Pulls 375B PEPE Off Binance – Is a Major Price Rebound Incoming?
Tim Hakki
Tim Hakki
2025-02-07 18:17:09
Industry Talk
$1 Billion USDT Gets Minted on TRON – Will TRX Hit $1?
Tim Hakki
Tim Hakki
2025-02-07 18:10:07
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors