Binance Custody Adds $NEAR Token

Published on: 12.11.2022
Binance Custody Adds $NEAR Token

Binance Custody adds $NEAR token and NEP-141 standard to its infrastructure. 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.

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.

“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.”—Athena Yu, VP of Binance Custody

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. 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.”— NEAR Foundation CEO Marieke Flament

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.
ABOUT Binance Custody

Binance Custody features sophisticated cold and hot storage security and liquidity solutions for institutions to manage digital assets easily and securely.

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ABOUT Near Protocol

NEAR is a carbon-neutral layer-1 blockchain network that is scalable and secured. Thanks to its unique implementation of sharding called Nightshade. NEAR is built with a focus on usability and ease of use, for both developers and users.

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