NEAR Protocol Enhances its Ecosystem with NEP-141 Integration on Binance Custody
November 7th, 2022 - 10am CET - London, UK
Binance Custody adds $NEAR token and NEP-141 standard to its infrastructure, opens the door to support other NEP-141 compatible projects
Binance Custody, an institutional-grade digital asset custody solution, has added support for the NEAR Protocol and its native NEP-141 $NEAR token. The integration provides secure custody for this growing Layer 1 ecosystem’s native token, opening the door for projects built on the NEAR blockchain to conveniently onboard their NEP-141 compatible tokens with Binance Custody.
“We’re very excited to be part of NEAR’s journey as their institutional custody partner,” shares Athena Yu, EVP 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.”
Platform security is of the utmost importance for protocols looking to attract investors as well as new projects onto their blockchain. With a focus on creating a developer and user-friendly platform, NEAR’s partnership with Binance Custody allows investors to store their $NEAR tokens securely and benefit from liquidity opportunities thanks to the custodian’s integration with the vast Binance ecosystem.
“A core mission for NEAR is building an ecosystem of diverse communities,” says NEAR Foundation CEO Marieke Flament. “With the Binance partnership, NEAR can welcome to the NEAR ecosystem the many financial institutions that have turned to Binance as their trusted provider for digital assets custody and settlement solutions.”
Launched in December 2021, Binance Custody offers a growing suite of compliant, insured, and audited technology solutions 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 counter-party risk and customized slippage tolerance without compromising on security.
- More competitive features coming soon
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