Near Protocol, which is among the altcoin projects with high market capitalization, has signed a new partnership. This enterprise-focused partnership was realized with FireBlocks. According to the agreement, the FireBlocks platform will work in integration with NEAR. Thus, corporate users of the company will gain the advantage of securely accessing Near Protocol’s network. Enterprise users will also have the opportunity to benefit from NEAR’s Sharded Proo-of-Stake consensus mechanism.
FireBlocks made a deal with this altcoin
FireBlocks provides various services to institutional investors, such as crypto custody and payment. On July 26, the NEAR Foundation announced the partnership. He then said it would allow more than 1,300 FireBlocks partners to access its ecosystem. In addition, it is noteworthy that banks, hedge funds and financial institutions are among these partners. According to the announcement, FireBlocks has provided over $3 trillion in secure transfers so far. NEAR is a highly efficient altcoin network for smart contracts and decentralized applications. However, the fact that the network has a PoS consensus mechanism attracts investors.
The partnership will give many institutional clients access to the altcoin project, including BNY Mellon and Credit Suisse. Some protocols in NEAR include Aurora, Ref.Finance, Octopus Network and other dApps. NEAR Foundation CEO Marieke Flament said the ecosystem welcomes many financial institutions “returning to Fireblocks.” Fireblocks CEO Michael Shaulov said that the corporate appetite for accessing DeFi in major Blockchain ecosystems will only increase. He also added that the new integration will enable Fireblocks to expand the supported Blockchain network. This means greater access to DeFi and Web3 for enterprise customers.
NEAR price rises on news
Fireblocks provides enterprise-grade infrastructure to move, store and publish digital assets. The platform serves more than 1,000 financial institutions. It also has over $2 trillion in security in altcoin projects. Fireblocks raised $550 million in its Series E funding round in January. Thus, the company’s valuation reached $ 8 billion. With the announcement of the NEAR deal, the price of the altcoin soared.
The network’s altcoin asset NEAR rose 11.44% after the news. As a result, it was trading at $4.18 at the time of writing. According to CoinMarketCap data, the coin has gained around 24% in the last two weeks. However, like most altcoins, NEAR is trading well below its ATH. The coin is down 80% from its all-time high of $20.44 in January. Also, the circulating supply of 747 million tokens gives it a market cap of $3 billion. In June, NEAR became the first non-Ethereum-compatible EVM Blockchain to integrate with Ethereum wallet MetaMask. Additionally, the NEAR community is preparing for the “NEARCON” event in Portugal in September. It is possible that the price will increase further with this event.
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