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- Abound secures $14M from NEAR Foundation for international growth.
- Focuses on technological and workforce expansion.
- Abound processes $150M in remittances monthly.
Abound, a cross-border remittance app, has secured $14 million in funding led by NEAR Foundation to enhance its technological platform and expand globally.
Abound’s successful funding round, totaling $14 million, is led by NEAR Foundation with participation from Circle Ventures and Times Internet. The funds will be used to expand business scope and improve technological infrastructure. The company plans gradual entry into Canada, Singapore, and the UAE. Abound aims to feature enhanced product varieties and innovative solutions tailored for international markets. Nishkaam Mehta, CEO of Abound, emphasized the NEAR blockchain’s role in providing a seamless user experience. Illia Polosukhin, NEAR Foundation’s CEO, highlighted the blockchain’s capabilities for borderless solutions. This funding round highlights the increasing interest in blockchain-based remittance solutions, prompting optimistic market reactions as noted by involved investors.
Funding and Expansion Plans
Abound has successfully raised $14 million in funding, primarily from NEAR Foundation, to enhance its technological capabilities and expand its services internationally.
The funding will allow Abound to improve its platform and explore new markets, including Canada, Singapore, and the UAE, focusing on creating innovative remittance solutions.
Nishkaam Mehta, CEO, Abound, stated, “We selected NEAR as our blockchain foundation for its industry leading scalability, efficiency, and resilience, which enables us to deliver a seamless experience while maintaining the security and transparency our users deserve.” Source
Market Insights
Did you know? In 2024, India received $1.29 billion in remittances, confirming its status as a top recipient globally.
NEAR Protocol (NEAR) is currently priced at $3.00 with a market cap of approximately $3.60 billion, holding a market dominance of 0.13%, according to CoinMarketCap.
Recent changes show a 24-hour increase of 0.80% and a 7-day increase of 10.52%, followed by declines over 60 and 90 days. The Coincu research team notes that blockchain’s integration in remittance services portends potential technological advancements and regulatory adaptations, as stakeholders pursue diversified financial systems bolstered by digital currencies. This shift supports a growing convergence between traditional finance and blockchain innovation.
