BitGo partners with NEAR Foundation

Institutional crypto custody firm BitGo has partnered with non-profit organisation The NEAR foundation to support its asset, protocol and its native token, NEAR.

The Switzerland-based NEAR Foundation contracts protocol maintainers and funds ecosystem development.

The company is also responsible for leading core governance of the NEAR protocol, the Ethereum competitor and decentralized application (dApp) platform focusing on user-friendly developing operations.

The partnership will see BitGo stake NEAR’s treasury into custodial wallets. However, the amount of NEAR BitGo will hold has yet to be disclosed.

BitGo vice president of product Nuri Chang said: “By nature of our business, it’s really important for us to capture and support all the leading blockchains in the entire industry.”

In an interview with the crypto website CoinDesk, Chang said the company is backing NEARS’s technology to bring in more developers, and in turn is very “eager to support the NEAR ecosystem”.

Although the NEAR token has taken a hit across the board in comparison to the rest of the crypto market, it has increased by 14.5% over the last 24 hours.

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Updated: 07/19/2022 — 13:00