On July 19, the digital asset company Bitgo announced 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 holding near protocol (NEAR) tokens the ability to store and stake the coins via Bitgo’s platform.
Bitgo Partners With the Near Foundation
The digital asset financial services firm Bitgo has inked a partnership deal with the Near Foundation, the non-profit foundation headquartered in Switzerland that’s responsible for the development and core governance for the Near protocol. Near Protocol is an open-source and carbon-neutral, PoS blockchain using the Nightshade consensus.
It Palo Alto, California-based company Bitgo says that through the new partnership, “institutions holding [near protocol] tokens will now be able to custody and stake these tokens via hot wallets and qualified custody wallets on Bitgo’s platform.” The Near Foundation will also custody the foundation’s treasury and stake the assets via Bitgo’s platform.
“Bitgo is excited to become the first qualified custodian to provide services to the entire Near Protocol ecosystem, including holders of the [near] token who have been searching for a secure way to store and stake their assets,” Bitgo’s vice president of product, Nuri Chang said in a statement. Chang added:
The [Near Protocol]Our network has grown to include many institutions who are dedicated to the Open Web and Web3 evolution. We are delighted to offer them secure custody and staking for their assets. [near] tokens.
Bitgo’s Token Roster Is Just Shy of 600 Crypto Assets
At the time of writing, NEAR is 27th in market capitalization. The cryptocurrency asset has been traded at $3.92 to $4.57 over the last 24 hour. NEAR’s market valuation today is $3.3 billion or 0.298% of the crypto economy’s $1 trillion market valuation.
NEAR performed much better than other crypto assets in the year. It has increased 45% in the last 30 day and is currently up 133.3% compared to the U.S. dollar year-to date. In terms of decentralized finance (defi), the Near protocol has roughly seven defi projects and today, there’s $344.4 million total value locked among them.
Bitgo details that adding near protocol (NEAR) to the company’s roster makes it just shy of 600 crypto tokens supported 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 protocol (NEAR) to the company’s roster of supported crypto coins? Comment below and let us know how you feel about the subject.
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