Finance Redefined: Near’s $800M fund, FATF Updates Guidance Paper, Oct. 22–29

Near Protocol has announced an $800 million fund to develop the DeFi ecosystem. FAFT has released an updated guidance paper on virtual asset service providers with a focus on DeFi and NFT sectors. QuickNode raises $35 million during its Series A funding round. ImmuneFi also raised $5.5 million in its latest funding round. 

Near Protocol Announces an $800M fund to Develop ecosystem 

Near Protocol, a smart contracts platform has decided to offer an $800 million fund which will be used for the advancement of its DeFi ecosystem. Also, the fund will provide incentives for creating products to the network’s developers. 

It was revealed in the project’s press release that the fund has given out a $45 million grant on protocol infrastructure to over 120 projects. Due to the contribution of these projects, the platform’s total value locked is rising and is currently at $150 million. Proximity Labs announced, on Oct 21, the creation of a $350 million grants project and the target of the grant will be the developers, the startup projects and other regional funds around the world. 

FATF Releases An Updated Guidance Paper on DeFi and NFTs

Earlier this week, the Financial Action Task Force (FATF) , which is an intergovernmental group, wrote a paper on virtual asset service providers with special attention on the DeFi and NFT sectors. The paper released by the intergovernmental group was an updated guidance paper that discussed the DeFi and NFT sectors.

The Financial Action Task Force (FATF) was formed in 1989 to make policies and procedures to prevent illegal money laundering. The task force is made up of 37 countries including the US, Russia, China etc. and other organisations and commissions. Based on the new guidance, the definition of virtual asset service providers will also include owners and operators that maintain control within the DeFi ecosystem.

$35 Million Raised By QuickNode in Funding Round 

Earlier this week, QuickNode, a blockchain infrastructure platform, generated $35 million during its Series A funding round. Tiger Global, an investment company, led the Series A funding round and there was participation from other investors and investment firms. In March this year, QuickNode raised $5.3 million following a funding round which was its first funding round for the project. 

Alex Ohanian, the co-founder of Reddit, has participated in the two funding rounds of QuickNode through his VC fund, Seven Seven Six. He expressed his excitement about the rapid growth of QuickNode which he thinks has enabled many people and businesses to adopt blockchain technology with ease. He considers the firm an example of Miami tech excellence.

ImmuneFi Raises $5.5M During Latest Funding Round 

ImmuneFi, a DeFi security company, has recently raised $5.5 million during a funding round that involved eleven VC firms and private investors. ImmuneFi provides service to the top DeFi protocols in the ecosystem including Synthetix, PancakeSwap, SushiSwap, etc. It offers protection to assets valued at over $50 billion and it has paid bug bounties in excess of $7.5 million since inception.

The fund raised during the funding round will be to further develop its security services to ensure adequate protection of assets. It will also provide the money to grant bug bounty programs as a form of financial incentive to philanthropic digital hackers.