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NEAR Foundation Establishes Nuffle Labs with $13M Infusion
The NEAR Foundation, a key steward of the NEAR blockchain ecosystem, has inaugurated Nuffle Labs, a new venture bolstered by $13 million in funding. This strategic move aims to enhance NEAR’s modularity and foster greater decentralized development within the ecosystem, as per an announcement on Thursday.
“Operating as an autonomous entity, Nuffle Labs will be empowered to execute swift decisions, ensuring the competitive edge of NEAR Modular products,” the announcement stated. “Positioned strategically between the NEAR Foundation, Ethereum, and EigenLayer ecosystems, Nuffle Labs will harness strengths from various platforms to bolster efficiency and resilience within the NEAR ecosystem.”
The funding round included a substantial grant from the NEAR Foundation, complemented by external investments from Electric Capital. Other participants in this financial endeavor were Canonical Crypto, Fabric Ventures, Robot Ventures, Caladan, and Lyrik Ventures.
Nuffle Labs intends to utilize NEAR’s technology to provide rollups through NEAR’s Data Availability (NESR DA) and Fast Finally Layer (NFFL) products, thus advancing the ecosystem’s capabilities and fostering innovation.
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About the Author: Eunji Lim
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