Crypto Custody Company BitGo will collaborate with the NEAR Foundation

BitGo, an institutional cryptocurrency custody firm, is collaborating with The NEAR Foundation to support its protocol, assets, and native token, NEAR.

“Because of the nature of our company, it’s critical for us to collect and support all of the industry’s main blockchains,” said BitGo VP of Product Nuri Chang.

Chang stated that BitGo is “excited to help the NEAR ecosystem,” noting that its sharding mechanism makes it appealing to developers.

BitGo will custody NEAR’s treasury as part of the agreement, staking it in the company’s hot and custodial wallets. BitGo has not stated how much NEAR it will hold.

In 2022, NEAR raised two nine-figure capital raises: a $150 million round in January and a $350 million deal less than three months later. Its NEAR (NEAR) cryptocurrency has fallen with the rest of the crypto market, although it is up 14.5 percent in the last 24 hours.