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NEAR Foundation Forms Nuffle Labs With $13M in Funding
The spinout is aimed at advancing NEAR's modularity and bringing more decentralized development to the ecosystem.
- The fundraise included a grant from the Foundation and external investment by Electric Capital.
- Nuffle Labs will use NEAR to offer rollups via NEAR's Data Availability (NESR DA) and Fast Finally Layer (NFFL) products.
NEAR Foundation, the non-profit steward of the blockchain ecosystem of the same name, has formed Nuffle Labs with $13 million in funding.
The spinout is aimed at advancing NEAR's modularity and bringing more decentralized development to the ecosystem, according to an emailed announcement on Thursday.
STORY CONTINUES BELOW
"As an independent entity, Nuffle Labs will now be able to make agile decisions, ensuring that NEAR Modular products remain competitive," the announcement said. "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 fundraise included a grant from the foundation and external investment by Electric Capital. Also participating were Canonical Crypto, Fabric Ventures, Robot Ventures, Caladan and Lyrik Ventures.
Nuffle Labs will use NEAR to offer rollups via NEAR's Data Availability (NESR DA) and Fast Finally Layer (NFFL) products.
Read More: Near Protocol's Token Almost Doubles in a Week, Ahead of Nvidia's AI Conference
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
