NEAR Foundation, the non-profit organization that governs the layer 1 blockchain NEAR Protocol, is establishing a Web3 hub in South Korea to expand its allegiance with blockchain projects in Korea and Asia, it announced Wednesday.

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Fast facts

  • NEAR Foundation’s new Korea hub aims to attract local blockchain projects and professionals onto NEAR Protocol, with a specific focus on Web3 gaming, according to its press release.
  • NEAR’s new venture will also hold events to promote the growth of its blockchain community in Korea such as developer and investor meet-ups, hackathons, and by supporting blockchain and Web3 communities in universities.
  • NEAR Protocol, like Ethereum or Solana, is a layer 1 blockchain that provides developers a platform to build decentralized applications (dApps). 
  • The layer 1 blockchain has attracted investments from leading venture capital firms such as a16z, FTX Ventures, Coinbase Ventures, and Hashed, and is operating a fund worth nearly US$800 million to accelerate ecosystem growth.

See related article: ‘Crypto is not something that can be ignored anymore’: NEAR Foundation CEO