thecoinrepublic.com
An innovative step was taken by two entities to encourage the creative thoughts of young minds, engineers, and developers who are a part of Web 3.0 technology. Developers are beginning to work to improve the reliability and security of both blockchain technology and Web 3.0.
Web 3.0 and digital currency share the same thoughts on decentralization. They both work on the concept of decentralization, providing equal access and improving the privacy and security aspects. And the transactions on both platforms happen between two parties without involving a third party.
The Switzerland-based Near Foundation and the VC firm Caerus Ventures are collaborating to launch a venture capital fund and venture lab with a value of $100 million (USD) to encourage engineers, developers, and creators.
The creation of venture labs will benefit the developers, creators, and engineers who are interested in creating different products by using IP and AI.
The Near Foundation has collaborated outside Switzerland in 2022. The Near Foundation has decided to launch seven regional hubs across the world. Among the seven hubs, three of them have been launched: the Ukraine hub (Lisbon), the Kenya hub (Sankore), and the Balkans hub. In the future, it is going to launch in Vietnam, India, South Korea, and the United States.
Recently, it expanded to African countries, partnering with Kenya’s blockchain technology. They decided to shift the country towards the technology and cryptographic worlds and to encourage the creative ideas of young minds within the country. According to the data, African countries are on the top list of the world’s fastest crypto adoption nations, with a 1,200% increase from July 2020 to July 2021.
Besides funding, the Near Foundation received a fund worth $560 million (USD) from various crypto exchange platforms like Dragon Fly, FTX, and Tiger Capital. And the foundation stands in the top position in holding the funds.
Markie Flament, CEO of Near Foundation, stated in the venture hub announcement, “The main aim of launching the hub is to create a unique opportunity for creators with local talent, not only for the opportunities we know but for the ones we will create in the future.”
Founder of Caerus Ventures, Nathan Pillai, stated that it was a great opportunity to collaborate with the Near Foundation to increase the growth of creators and developers in Web 3.0 and to empower them in the crypto world. He also said Web 3.0 has to change its trends according to emerging technology.