Binance custody integrates NEAR protocol into its infrastructure
Binance Custody integrates the NEAR protocol and its native NEP-141 $NEAR token. This development is an attempt by NEAR protocol to provide secured custody for growing its layer one ecosystem native token (NEP-141).
NEAR protocol believes this will open doors for budding projects intending to build on the NEAR blockchain conveniently.
In reaction to the latest developments, NEAR protocol, via its official website, expressed excitement and optimism. It said:
“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.”
Marieke Flament, the NEAR foundation CEO, hopes the integration will give NEAR protocol the necessary liquidity and exposure to attain its full potential. He said:
“A core mission for NEAR is building an ecosystem of diverse communities and 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.”
How compatible are NEAR and NEP-141 tokens on Binance custody?
The integration is a multi-party computational technology backed by world-class asset management standards, and institutional users will considerably benefit from the integrated ecosystems.
However, Binance custody is an independent compliant and audited custodial solution that provides infrastructure support for over 230 digital assets.
Athena Yu, vice president of the Binance Custody, said:
“We’re very excited to be part of NEAR’s journey as their institutional custody partner…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.”
How secure is the Binance custody?
The skepticism on safety stems from the recent unsuccessful attempts by hackers on the Binance bridge and so many other attempts on contemporaries.
Binance custody has reiterated its commitment to ensuring that institutional users can safely store their digital assets and benefit from liquidity opportunities.
Marieke Flament, the NEAR foundation boss, expressed his views on security and opportunities that would come with the partnership. He said:
“A core mission for NEAR is building an ecosystem of diverse communities and 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 secured digital assets custody and settlement solutions.”
Binance Custody currently has an array of growing suite solutions that comprise:
- Cold Convert — tokens can be seamlessly traded directly from cold storage at zero counterparty risk, zero slippage tolerance, and maximum security.
- Qualified Wallet — A specially built institutional-grade cold wallet.
- Prime Wallet — due to its underlying warm wallet infrastructure, users have described it as the best option for instantaneous transactions between Binance Custody and the Binance exchange, with sub-account transactions.
- Binance Mirror — uses a 1:1 ratio to match all funds within institutional cold storage custody to their availability on the Binance trading exchange.
