NEAR Foundation's new independent entity Nuffle Labs raises $13 million in funding
Quick Take
- The NEAR Foundation has spun off Nuffle Labs, which raised $13 million in funding.
- Nuffle Labs builds out NEAR’s Data Availability Layer, the NEAR Fast Finality Layer and other tools in the NEAR modular product suite.
The NEAR Foundation launched an independent entity called Nuffle Labs, which secured $13 million in strategic funding.
Nuffle Labs builds out NEAR's Data Availability Layer (NEAR DA), the NEAR Fast Finality Layer (NFFL) and other products in the NEAR modular product suite. The firm's funding came from a strategic grant from the NEAR Foundation and an Electric Capital-led investment, according to a release shared with The Block.
Additional funding came from Canonical Crypto, Fabric Ventures, Robot Ventures, Caladan, Lyrik Ventures and angel investors including Jordi Alexander from Selini, Bowen Wang from NEAR, Sreeram Kannan from EigenLayer, Sam Kazemian from Frax Sandeep Nailwal from Polygon.
"As an independent entity, Nuffle Labs will now be able to make agile decisions, ensuring that NEAR Modular products remain competitive," the company said in a release. "Strategically positioned between the NEAR Foundation, Ethereum, and EigenLayer ecosystems, Nuffle Labs will leverage strengths from multiple platforms to enhance efficiency and resilience in the NEAR ecosystem."
The non-profit NEAR Foundation oversees the NEAR Protocol, a decentralized platform that lets developers build decentralized applications.
The protocol's token NEAR traded at $6.16 after seeing a 6.89% decrease in the past 24 hours, according to The Block's NEAR price page.
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