• UAE-based VC fund NewTribe Capital has invested $5 million in the San Francisco-based blockchain platform NEAR Protocol.
• Founded in 2018 by Alexander Skidanov, Illia Polosukhin, NEAR is a blockchain platform for Web 3.0 development. It offers a sustainable infrastructure and a single marketplace where users can control their funds and data.
• The new investment will boost NEAR ecosystem’s growth in the UAE and globally.

Press release:

UAE-based Venture Capital Fund NewTribe Capital, which invests in early-stage Blockchain and crypto projects, is set to invest $5 million in NEAR Protocol Ecosystem projects with the aim of boosting the NEAR ecosystem’s growth in the UAE and globally.

NEAR Protocol (NEAR) is a leading blockchain platform for Web 3.0 development. It provides solutions for scaling and eliminating barriers to Web 3.0 adoption. NEAR's features include high speeds, low fees, and progressive UX. It allows users to reach new levels of experience without the issues of traditional dApps experience when it comes to user experience, slower transaction times, and costs.

"We’ve been following NEAR for a while and considering it a strong technology, we see a big potential for its rapid growth. We are glad to be the first VC fund supporting the development of the NEAR ecosystem in the Middle East region. Having a strong VC partner such as us in the UAE will enable NEAR with the tools and support needed for effective growth.” stated Juliet Su, Partner, NewTribe Capital.

The NEAR Protocol is a Blockchain built for the Creator Economy. It offers a sustainable infrastructure and is a single marketplace where members of the community are the ones in control of their funds and data, providing them with the tools to build their ideas.

NewTribe Capital is offering all the necessary resources including financial, advisory, marketing, and community outreach. In addition, NewTribe Capital’s collaboration with Aurora, Human Guild, and Octopus is providing the infrastructure for all projects ready to develop on the NEAR Protocol.

NewTribe Capital has already commenced its investments in several NEAR Protocol projects such as Attarius Network, Jumbo Exchange, and YouMinter and will be announcing others soon.

Earlier last month, the fund received the ‘Best VC of the Year’ Award at the AIBC Asian 2022 Summit held in Dubai for its huge contribution to the blockchain ecosystem development.