Near protocol teams up with BitGo to attract corporate investors

On Tuesday, July 19th, digital asset company BitGo announced that. It will provide qualified custody services for the NEAR Foundation’s protocol and assets. This latest news will allow thousands of institutional investors across the world to access the NEAR token.

The NEAR Protocol is a decentralized application platform, that aims to make it easy for developers to build and deploy; decentralized applications. The protocol is built on top of the NEAR blockchain, which uses sharding to improve scalability.

Thanks to this latest upgrade institutional investors holding the NEAR token. May now use BitGo’s qualified custody wallets to store and manage their assets. 

This will make it easier for these investors to manage their assets and also participate in the governance of the NEAR network.

The NEAR Foundation, a Switzerland-based non-profit, will be in charge of the treasury and BitGo will have custody of it. This is an indication of the agreement.

NEAR is one of the latest protocols to join forces with BitGo. The firm has also partnered with Cosmos, Ethereum Classic, Algorand, and TRON in recent months.

With this latest partnership, BitGo continues to solidify its position as a leading provider of custodial services for digital assets. NEAR, on the other hand, is hoping to attract more institutional investors to its network with the help of BitGo.

The partnership with BitGo will allow institutions to invest in NEAR tokens. With the same level of security and peace of mind that they would have when investing in any other asset.

The fund will also use BitGo wallets to stake a portion of the treasury. When asked about this latest news, according to BitGo’s vice president of products Nuri Chang.

The new collaboration will allow developers working on projects like exchanges and protocols to integrate support for the NEAR token; into their platforms. He says;

“We’re also adding support for BitGo staking to NEAR in the first place. Clients can stake NEAR directly from a BitGo wallet with just a few clicks, meaning they don’t have to go through their exchange account.”

NEAR Protocol is a leading cryptocurrency project that has been around since 2018. The protocol is designed to offer a scalable and user-friendly platform for decentralized applications.

The protocol has been backed by some of the leading names in the industry, including A16z, MetaStable, Electric Capital, and Notation Capital.

The partnership with BitGo is a significant development for NEAR Protocol as it looks to attract more institutional investors. BitGo is a leading provider of digital asset financial services and has a strong track record in working with institutional investors. 

“The collaboration with BitGo confirms our dedication to further expanding the ecosystem,” states Marieke Flament, CEO of the NEAR Foundation. She says;

“This is an important step for the NEAR program and its foray into the world of institutional investments.”

The NEAR Protocol is working on making it possible for different blockchains to work together. Last year, they launched Rainbow Bridge which enables people to transfer ERC-20 tokens between the Ethereum and NEAR blockchains.

The protocol has also been working on a new smart contract language, called AssemblyScript.

BitGo provides institutionally-grade custody solutions and supports over 250 coins and tokens.

The company has a $100 million insurance policy provided by Lloyd’s of London.

The partnership with Near Protocol will allow BitGo to offer its services to NEAR token holders.

In terms of total market capitalization, NEAR presently ranks 25th place among all cryptocurrencies. At the time of this writing, NEAR is trading at $4.46, up by more than 2% in the last 24 hours.

The partnership with BitGo could help Near Protocol attract more institutional investors and boost its market cap.

It will be nice to know your thoughts on this partnership, share your thoughts with us in the comment section.