The funding which was announced at the ongoing Consensus Week in New York by NEO Founder, Da Hongfei will go into the activation of the ecosystem’s seed project, dApps growth, further development of infrastructure and building more institutional collaboration.
Additionally, the update confirmed that a fraction of the $100 million will go into funding, tech support, community synergy & promotion for projects building on the NEO blockchain.
Meanwhile, Da Hongfei also announced, during his presentation titled “The Next Phase of NEO,” the release of NEO 3.0, a new version of the blockchain’s native contract which is set provide optimal infrastructure for mass adoption.
NEO Token Market Performance (Bullish)
With news of NEO’s latest funding just arriving less than an hour before press time, it would be safe to assume that the token’s 7% price increase on the daily trading chart could be attributed to the generally bullish sentiment in the crypto market within the last few days.
At press time, NEO was exchanging hands at $10.5 per token with its market cap at $682 million.
The NEO blockchain project has seen significant development since the start of this year as it continues to sign more partnerships. In April 2019, the blockchain firm announced its deal with Zeux, a fintech company based in London, which will allow customers to use the NEO native token to pay for goods and services on Apple and Samsung Pay.