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On July 19, digital asset company Bitgo announced that it has partnered with the Near Foundation and will be “the first qualified custodian to support the protocol and its assets, including its native token.” The collaboration will give institutions that have near protocol (NEAR) tokens the opportunity to store and stake the coins via Bitgo’s platform.
Digital asset financial services firm Bitgo has entered into a partnership agreement with the Near Foundation, the non-profit foundation headquartered in Switzerland responsible for the development and core governance of the Near protocol. The Near protocol is an open source, carbon neutral, public proof-of-stake (PoS) blockchain that uses the Nightshade consensus mechanism.
The Palo Alto, Calif.-based company Bitgo says that through the new partnership, “institutions that hold [near protocol] tokens will now be able to deposit and stake these tokens via hot wallets and eligible custodian wallets on Bitgo’s platform.” The Near Foundation will also store the foundation’s treasury and stake the assets via Bitgo’s platform.
“Bitgo is pleased to become the first qualified custodian to provide services to the entire Near Protocol ecosystem, including holders of [near] token that have been looking for a secure way to store and stake their assets,” said Bitgo’s Vice President of Product Nuri Chang in a statement. Chang added:
The [Near Protocol] has built an extensive network of institutions committed to advancing the development of the Open Web and Web3, and we are pleased to provide them with safe and secure escrow and escrow services for their [near] tokens.
Crypto Asset Near Protocol (NEAR) is the 27th largest by market capitalization at the time of writing and has traded $3.92 to $4.57 over the past 24 hours. NEAR’s market cap today is $3.3 billion or 0.298% of the crypto economy’s $1 trillion market cap.
NEAR has outperformed most cryptoassets this year as the digital currency is up 45% over the past 30 days, and year-to-date NEAR is up 133.3% against the US dollar. In terms of decentralized finance (defi), the Near protocol has about seven defi projects, and today there is $344.4 million in total value locked among them.
Bitgo details that adding near protocol (NEAR) to the company’s list puts it just shy of 600 crypto tokens backed by the company. Bitgo believes the token diversity underscores “the growing interest among institutions for access to high-speed, complex blockchains and their native tokens.”
What do you think about Bitgo adding NEAR to the company’s list of supported cryptocurrencies? Let us know what you think about this topic in the comments section below.
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