Binance Custody Adds $NEAR Token and NEP-141 Standard to its Infrastructure

NEAR Foundation
November 7, 2022

NEAR Foundation is excited to share its newest integration with Binance Custody, an institutional-grade digital asset custody solution. By supporting the NEP-141 standard, Binance Custody enables any institutional user with $NEAR holdings to make use of their highly secure storage infrastructure. The integration also makes it easier for Binance Custody to provide future support for any NEP-141 compatible tokens from projects building on NEAR. 

For those not yet in the know, NEP-141 is simply a set of rules that determine how tokens on NEAR can operate. It’s an upgrade from the earlier NEP-21 standard by being simpler for users and developers as well as being cheaper and more efficient. 

Click here to learn more about NEAR’s NEP-141 standard

Storing NEAR and NEP-141 compatible tokens on Binance Custody

What does it mean to be able to store NEAR and NEP-141 compatible tokens on Binance Custody? It means institutional users benefit from an integrated ecosystem built to help them manage their assets with world-class security standards backed by multi-party computation technology. Binance Custody is an independent, compliant, and audited custodial solution that currently supports over 230 digital assets.

Click here to learn the difference between custodial and non-custodial wallets 

“We’re very excited to be part of NEAR’s journey as their institutional custody partner,” said Athena Yu, VP of Binance Custody. “With this integration, $NEAR token holders benefit from our secure, integrated security and liquidity solutions. We welcome any project building on the NEAR protocol to reach out to us to learn how our institutional infrastructure can help them scale with peace of mind.”

Security on Binance Custody

Platform security is paramount, and Binance Custody makes it easy for institutional users to safely store their digital assets. With this integration, Binance Custody allows investors to not only store their $NEAR tokens securely, but also benefit from liquidity opportunities thanks to the custodian’s integration with the vast Binance ecosystem, which includes the world’s largest crypto exchange by trading volume.

“A core mission for NEAR is building an ecosystem of diverse communities,” says NEAR Foundation CEO Marieke Flament. “With this partnership, NEAR can welcome to the NEAR ecosystem the many financial institutions that have turned to Binance Custody as their trusted provider for digital assets custody and settlement solutions.”

Binance Custody offers a growing suite of solutions currently including:

  • Qualified Wallet: institutional-grade cold vault storage
  • Prime Wallet: warm wallet infrastructure offering instantaneous transactions between Binance Custody and the Binance exchange, with sub-accounts.
  • Binance Mirror: matches an institution’s cold storage custody funds with 1:1 availability on their Binance exchange account to access deep liquidity venues.
  • Cold Convert: trade tokens from cold storage with zero counterparty risk and customized slippage tolerance without compromising on security.

Legal Disclaimer: The information contained in this press release is not directed at nor intended for use by any users, investors or prospective investors, and may not under any circumstances be relied upon when making a decision to invest in any NEAR tokens. Information in this release is not financial/investment advice, please seek independent financial advice. 

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