Digital Asset Financial Services Firm BitGo becomes First Qualified Custodian to Support NEAR Protocol

BitGo, which claims to be the leader in digital asset financial services, recently announced a partnership with the NEAR Foundation, which is reportedly among the “fastest growing,” carbon neutral, open source blockchains that “enables developers to easily build, test, and deploy applications.”

The partnership “makes BitGo the first qualified custodian to support the protocol and its assets, including its native token, NEAR.”

Through this partnership, institutions holding NEAR tokens will now “be able to custody and stake these tokens via hot wallets and Qualified Custody wallets on BitGo’s platform.”

BitGo and the NEAR Foundation, which supports the NEAR protocol ecosystem through its financial and operational resources, also announced that the Foundation “will custody its own treasury with BitGo and stake part of this treasury using BitGo’s hot and Qualified Custody wallets, further extending this unique partnership.”

Nuri Chang, Vice President of Product, said:

“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. The NEAR Protocol has built an extensive network of institutions that are committed to furthering the Open Web and Web3 evolution, and we are excited to deliver them safe and secure custody and staking services for their NEAR tokens.”

Marieke Flament, CEO of the NEAR Foundation, remarked:

“Our partnership with BitGo is proof of our commitment to widening our ecosystem and creating a more diverse community of users. This is a significant step for NEAR and its foray into the world of institutional investments. With BitGo, we will support their clients and give them the ability to stake and earn rewards on their NEAR assets—both safely and securely. We are also placing our confidence into BitGo by putting our own treasury in its custody. Together, we can truly make significant inroads in broadening the number of people leveraging our ecosystem and ultimately bring us closer to achieving our goal for mass Web3 adoption.”

Sal Ternullo, Partner at Warburg Serres Investments, added:

“We are excited to see BitGo launch custody, execution and staking for NEAR, providing institutional caliber services to support one of the most exciting, high-growth Layer 1 protocols in the market. We look forward to using BitGo’s services alongside the Near Foundation to continue our investments across this next chapter of growth and development for the NEAR ecosystem,”

BitGo adds NEAR to “a growing list just shy of 600 tokens that it currently supports on its platform, underscoring the growing interest among institutions for access to high-speed, complex blockchains and their native tokens.”

As mentioned in the update, BitGo claims it is “the first digital asset company that has been focused exclusively on serving institutional clients since 2013.”

BitGo provides institutional investors “with custody, liquidity, and security solutions.”

Active in both centralized and decentralized finance, BitGo offers trading, lending, and borrowing services “through its prime brokerage services and acts as the custodian for WBTC, the leading global stablecoin for Bitcoin.”

Sponsored
Sponsored Links by DQ Promote

 

 

Send this to a friend