On July 19, digital asset firm Bitgo announced that it had partnered with the Near Foundation and would be “the first qualified custodian to support the protocol and its assets, including its native token.” The collaboration will give institutions holding near-to-protocol (NEAR) tokens the ability to store and stake the coins through Bitgo’s platform.
Bitgo partners with the Near Foundation
The digital asset financial services company bitgo signed a partnership agreement with the Near the Foundation, the Swiss-based non-profit foundation that is responsible for the development and central governance of the Near Protocol. The Close to protocol is an open-source, carbon-neutral, public proof-of-stake (PoS) blockchain that uses the Nightshade consensus mechanism.
Palo Alto, Calif.-based Bitgo says that with this new partnership, “institutions holding [near protocol] tokens will now be able to hold and stake these tokens through hot wallets and qualified custodial wallets on Bitgo’s platform. The Near Foundation will also retain the foundation’s cash and invest the assets through Bitgo’s platform.
“Bitgo is delighted to become the first qualified custodian to provide services to the entire Near Protocol ecosystem, including holders of the [near] token who were looking for a secure way to store and stake their assets,” Bitgo VP of Products Nuri Chang said in a statement. Chang added:
The [Near Protocol] has built an extensive network of institutions that are committed to advancing the evolution of the Open Web and Web3, and we are excited to provide them with safe and secure custody and staking services for their [near] tokens.
Bitgo’s token list is just short of 600 crypto assets
The cryptoasset near protocol (NEAR) is the 27th by market capitalization at the time of writing and has traded from $3.92 to $4.57 in the last 24 hours. NEAR’s market valuation today is $3.3 billion, or 0.298% of the crypto-economy’s $1 trillion market valuation.
NEAR has performed better than most crypto assets this year as the digital currency has gained 45% in 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 a total value of $344.4 million is locked between them.
Bitgo details that adding the near protocol (NEAR) to the company’s list makes it just under 600 crypto tokens supported by the company. Bitgo believes the diversity of tokens underscores “the growing interest of institutions in accessing complex, high-throughput blockchains and their native tokens.”
What do you think of Bitgo adding the near protocol (NEAR) to the company’s list of supported crypto coins? Let us know what you think about this topic in the comments section below.
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