UAE’s NewTribe Capital to pour $5mn into NEAR Protocol projects

By Arya M Nair, Official Reporter
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NEAR Protocol
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NewTribe Capital, a Dubai-based venture firm with investments in early-stage blockchain startups, is set to pour $5 million into NEAR Protocol Ecosystem projects with the aim of boosting the NEAR ecosystem’s growth in the UAE and globally.

NEAR Protocol (NEAR) is a decentralized application (dApps) platform that is designed to facilitate the open web of the future and power its economy. It provides solutions for scaling and eliminating barriers to Web 3.0 adoption. NEAR’s features include high speeds, low fees, and progressive UX.

It allows users to reach new levels of experience without the issues of traditional dApps experience when it comes to user experience, slower transaction times, and costs.

NewTribe Capital provides all of the resources required, including financial, consulting, marketing, and community outreach. In addition, NewTribe Capital’s collaboration with Aurora, Human Guild, and Octopus is laying the infrastructure for all projects ready to develop on the NEAR Protocol.

Ms. Juliet Su, Partner, NewTribe Capital, said that “We’ve been following NEAR for a while and considering it a strong technology, we see a big potential for its rapid growth. We are glad to be the first VC fund supporting the development of the NEAR ecosystem in the Middle East region. Having a strong VC partner such as us in the UAE will enable NEAR with the tools and support needed for effective growth.”

NewTribe Capital has already started investing in a number of NEAR Protocol projects, including Attarius Network, Jumbo Exchange, and YouMinter, and more. Earlier last month, the fund received the ‘Best VC of the Year’ Award at the AIBC Asian 2022 Summit held in Dubai for its huge contribution to the blockchain ecosystem development.

Related: UAE’s Cypher Capital invests in blockchain GameFi entity ‘Cross The Ages’