Digital asset service provider BitGo has partnered with the NEAR Foundation to become the first qualified and secure custodian to support the protocol and its assets, including its native token, NEAR.
Mike Belshe, the CEO of BitGo said, “BitGo is proud 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.”
This partnership will allow institutions to custody their tokens on BitGo’s platform using hot wallets and Qualified Custody wallets.
BitGo client’s can also stake NEAR tokens and earn rewards through their BitGo wallets.
Mike continued, “We are excited to deliver them safe and secure custody and staking services for their NEAR tokens and other valuable assets.”
Currently, BitGo processes a staggering 20 percent (roughly) of all Bitcoin transactions worldwide, making it the largest on-chain transaction processor. With the recent addition of the NEAR token BitGo supports more than 500 additional coins and tokens.
Moreover, the NEAR Foundation will custody its own treasury with BitGo and stake part of this treasury using BitGo’s hot and Qualified Custody wallets.
“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 own treasury in its custody because it is simply the best at what it does,” said Marieke Flament, CEO of the NEAR Foundation.
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“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.”
