Nuffle Labs Founded by NEAR Foundation, Successfully Raises $13 Million in Funds

Bittime - Nuffle Labs was founded by the NEAR Foundation and received $13 million in funding to develop NEAR modular products. The company focuses on maintaining the competitiveness of NEAR products with support from various leading investors in the crypto industry.

Nuffle Labs Founded by NEAR Foundation

Nuffle Labs, which raised $13 million in strategic funding, was founded by the NEAR Foundation. According to a release shared with The Block, Nuffle Labs is supported by a strategic grant from the NEAR Foundation and an investment led by Electric Capital. The company builds the NEAR Data Availability Layer (NEAR DA), the NEAR Fast Finality Layer (NFFL), and other products in the NEAR modular product suite.

Canonical Crypto, Fabric Ventures, Robot Ventures, Caladan, and Lyrik Ventures provided additional funding, as well as angel investors such as Jordi Alexander of Selini, Bowen Wang of NEAR, Sreeram Kannan of EigenLayer, Sam Kazemian of Frax, and Sandeep Nailwal of Polygon.

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Nuffle Labs Ensures NEAR Modular Products Remain Competitive

In the release, Nuffle Labs stated, “As an independent entity, Nuffle Labs can now make decisions quickly, ensuring NEAR Modular products remain competitive. Strategically positioned between the NEAR Foundation, Ethereum, and EigenLayer ecosystems, Nuffle Labs will leverage the power of multiple platforms to increase efficiency and resilience within the NEAR ecosystem.”

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NEAR Foundation Mengawasi NEAR Protocol

The NEAR Foundation, a non-profit organization, oversees the NEAR Protocol, a decentralized platform that allows developers to create applications that can be used anywhere. According to The Block's NEAR price page, the NEAR protocol token fell 6.89% in the last 24 hours and was trading at $6.16.

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Conclusion

Founded by the NEAR Foundation, Nuffle Labs has received $13 million in funding to build modular products within the NEAR ecosystem. This funding was obtained through a grant from the NEAR Foundation and an investment led by Electric Capital, as well as several other investors and leading angel investors in the crypto industry.

Nuffle Labs concentrates on keeping NEAR products competitive by developing NEAR Data Availability Layer (NEAR DA), NEAR Fast Finality Layer (NFFL), and other products as independent entities. The development of this decentralized platform continues to be supported by the NEAR Foundation, which is responsible for the NEAR Protocol. However, the NEAR token price fell 6.89% in the last 24 hours, trading at $6.16.

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