NEAR Foundation has entered into a partnership with cryptocurrency custody firm, BitGo to serve as a custodian of NEAR’s treasury.
This partnership makes BitGo the first qualified custodian to support NEAR’s protocol and assets, the firm said.
With this partnership, investors will be able to securely store and stake their NEAR token, which will be held in the company’s hot and custodial wallets.
Recall that the Near token had fallen during the ‘crypto winter’ but is currently seen to have made a comeback, rising by over 14 percent within 24 hours.
The amount of NEAR token to be handled by the company, is yet to be known as both parties have not made the disclosure.
The Vice President of Product at BitGo, Nuri Chang, confirming the development, expressed elation over the partnership.
“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.
“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,” Chang told newsmen.
“This is a significant step for NEAR and its foray into the world of institutional investments. With BitGo, we will support their clients’ investors and give them the ability to stake and earn rewards on their NEAR assets, both safely and securely. We are also putting our confidence into BitGo and putting our treasury in its custody because it is simply the best at what it does.”, NEAR Foundation’s CEO, Marieke Flament said.
Earlier this month, BitGo partnered with Rarify, an API-based NFT infrastructure provider to provide its institutional clients with access to valuable NFT analytics.