On July 19, digital asset company Bitgo announced a partnership with the Near Foundation to be “the first qualified custodian to support the protocol and its assets, including its native token.” The collaboration will give institutions holding near-field protocol (NEAR) tokens the ability to store and stake coins through the Bitgo platform.
Bitgo partners with Near Foundation
Digital asset financial services firm Bitgo entered into a partnership agreement with Next to the Foundationa Swiss-headquartered non-profit foundation that is responsible for the development and core management of the Near protocol. Next Protocol is a carbon-neutral proof-of-stake (PoS) public blockchain that uses the Nightshade consensus mechanism.
Palo Alto, Calif.-based Bitgo says that through a new partnership, “institutions that own [near protocol] tokens will now be able to store and place these tokens through hot wallets and qualified escrow wallets on the Bitgo platform.” The Near Foundation will also hold the fund’s treasury and allocate assets through the Bitgo platform.
“Bitgo is delighted to be the first qualified custodian serving the entire Near Protocol ecosystem, including owners [near] tokens that were looking for a secure way to store and stake their assets,” Nuri Chang, Bitgo’s vice president of product, said in a statement. Chang added:
[Near Protocol] has built a vast network of institutions that are committed to further developing the Open Web and Web3, and we are pleased to provide them with safe and secure storage and staking services for their [near] tokens.
The list of Bitgo tokens does not exceed 600 crypto assets
Cryptocurrency asset near protocol (NEAR) ranks 27th by market capitalization at the time of writing and has traded between $3.92 and $4.57 over the last 24 hours. The market valuation of NEAR today is $3.3 billion, or 0.298% of the cryptocurrency’s $1 trillion market value.
NEAR has fared better than most crypto assets this year as the digital currency is up 45% in the last 30 days and NEAR is up 133.3% against the US dollar since the start of the year. In terms of decentralized finance (defi), the Near protocol has approximately seven defi projects, with a total value of $344.4 million to date.
Bitgo elaborates that adding a close protocol (NEAR) to the company’s ledger makes it just under the 600 crypto tokens backed by the company. Bitgo believes that the variety of tokens highlights “the growing interest of institutions in accessing high-speed, complex blockchains and their own tokens.”
What do you think about Bitgo’s addition of the Near Protocol (NEAR) to the list of supported cryptocurrencies? Let us know what you think about it in the comments section below.
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Credit : news.bitcoin.com