On July 19, digital asset company Bitgo announced that it has partnered with the Near Foundation to become the “first authorized custodian to support protocols and their assets, including native tokens.” The company announced that it will become The collaboration will give institutions holding Near Protocol (NEAR) tokens the ability to store and stake their coins through Bitgo’s platform.
Bitgo Partners with NEAR Foundation
Digital asset financial services firmBitgo has signed a partnership agreement with the Near FoundationBitgo has signed a partnership agreement with the Near Foundationa non-profit foundation headquartered in Switzerland that is responsible for the development and core governance of the Near Protocol.22} “Near Protocol”The Near Protocolis an open-source, carbon-neutral, and public proof-of-stake (PoS) blockchain.
Through the new partnership, Bitgo, a company based in Palo Alto, California, “institutions holding [near protocol] tokens will be able to store these tokens through a hot wallet and qualified custody wallet on Bitgo’s platform. . will be able to store and stake them.” The Near Foundation will also store the Foundation’s treasury and stake its assets via the Bitgo platform.
“Bitgo is excited to be the first qualified custodian to serve the entire Near Protocol ecosystem, including [near] token holders who have been looking for a secure way to store and stake their assets.” Nuri Chang, Bitgo’s Vice President of Products, said in a statement.Chang added:
Near Protocol] is building an extensive network of institutions committed to advancing the open web and the evolution of Web3, and we are excited to offer them safe and secure storage and staking services for [near] tokens.
Bitgo’s token roster is just shy of 600 crypto assets
crypto assetsnear protocol (NEAR)is the 27th largest by market capitalization at the time of writing and has traded at $3.92 to $4.57 over the past 24 hours.NEAR’s market valuation today is $3.3 billion, 0.298% of the crypto economy’s $1 trillion market valuation %.
NEAR has performed better than most crypto assets this year, as digital currencies have gained 45% over the past 30 days and for the year, NEAR is up 133.3% against the USD. In terms of decentralized finance (defi), the Near protocol has roughly seven defi projects, with a total value of $344.4 million locked between them today.
Bitgo details that adding the Near protocol (NEAR) to its roster puts it right near the 600 crypto tokens it supports. Bitgo believes the diversity of tokens underscores “the growing interest of financial institutions in accessing the fast and complex blockchain and its native tokens.”
Image credits: Shutterstock, Pixabay, Wiki Commons