BitGo to Serve as Near's Custodian

The firm will hold the assets that are in the blockchain's treasury.

By Cam Thompson

Jul 19, 2022 at 12:20 p.m. UTC

Updated Jul 19, 2022 at 2:55 p.m. UTC

NEAR signage in Lisbon, Portugal (Zack Seward/CoinDesk) — A Near sign in Lisbon, Portugal (Zack Seward/CoinDesk)

Cam Thompson

Cam Thompson is a news reporter at CoinDesk.

Follow @camlearnscrypto on Twitter

Institutional crypto custody firm BitGo has agreed to support the Near Foundation's platform, assets and native token, NEAR.

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

Chang told CoinDesk that BitGo is “eager to support the Near ecosystem,” noting that Near's sharding technology makes it enticing for developers.

As part of the deal, BitGo will serve as the custodian for Near’s treasury, holding the assets in the company’s hot and custodial wallets. BitGo didn't disclose the amount of near it will hold.

Near raised $150 million in January and $350 million in April. Its near (NEAR) token has tumbled alongside the rest of the crypto market, but has shot up 14.5% over the past 24 hours.

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