Near Foundation, Caerus Ventures Launch $100 Million Fund for Web3 Support

The Web3 industry, combined of the blockchain-supported crypto, metaverse, and NFT sectors, is undergoing exploration and adoption around the world. Near Foundation and Caerus Ventures have launched a fund of $100 million (roughly Rs. 700 crore) in order to support promising projects in the Web3 space. Engineers, creators, and developers working in relevant fields can benefit from this funding. The Switzerland-based parent of the Near Protocol will be leading the fund governance. Near Protocol is a layer-one blockchain that was designed as a community-run cloud computing platform launched in 2020.

While the Web3 sector has often tickled the fancies of investment majors, for Caerus Ventures, this fund is a way to be involved in the sector more pro-actively.

“Web3 technologies are yet to reveal their real value and change current trends. We're creating this partnership to help revolutionise the existing multi-layered entertainment ecosystems, growing the market size while promoting greater equity,” a Crypto Potato report quoted Nathan Pillai, Founder of Caerus Ventures, as saying.

The Near Foundation, on the other hand, has been taking steps to tap into the Web3 potential outside of the Swiss region.

Just earlier this year, the non-profit foundation launched a regional hub in Kenya to accelerate Web3 projects across the continent. The platform is looking to nurture and educate talented individuals in the country.

Over the past decade, African countries have been undergoing a rapid digital revolution. The continent's cryptocurrency adoption jumped 1,200 percent from July 2020 to June 2021, the fastest adoption rate in the world.

“This hub represents a unique opportunity to partner with local talent not only for the opportunities that we know exist today but also for the opportunities yet to be created in the future,” Marieke Flament, CEO of the NEAR Foundation, had said at the time, commenting on the launch of the regional hub.

While trademarks in the NFT and metaverse sectors have soared in recent times, the crypto sector has bagged investments of $14.2 billion (roughly Rs. 1,13,500 crore) in the first half of 2022.