Price Jumps: Altcoin Price Takes Action After Institutional Partnership

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  • A popular altcoin platform that we have heard of recently, announced a partnership with Fireblocks. The altcoin’s price reacted positively to this partnership.

The NEAR Foundation announced in a recent announcement that it has formed a partnership with Fireblocks, a provider of crypto custody and payment solutions. The NEAR Foundation has announced that the partnership will allow over 1,300 Fireblocks partners to access its ecosystem.

Fireblocks, whose partners include banks, hedge funds and financial institutions, has provided over $3 trillion in secure transfers, as stated in the announcement.

What is near?

NEAR is a proof-of-stake blockchain platform that provides a highly efficient network for smart contracts and decentralized applications.

NEAR Protocol is an Ethereum competitor and a decentralized application (dApp) platform focused on developer and user friendliness. NEAR tokens are used to pay transaction fees and storage costs on the NEAR crypto platform.

NEAR Protocol is a community-run cloud computing platform, a layer-1 blockchain designed to solve some of the limitations that plague competing blockchains, such as slow transaction speeds, poor throughput, and poor interoperability. This provides the ideal environment for DApps and creates a developer and user friendly platform.

Koinfinans.com As we reported, in June NEAR became the first non-compatible EVM blockchain to integrate with Ethereum wallet MetaMask. Additionally, the NEAR community is preparing for the “NEARCON” event that will take place in Portugal in September.

Enterprise access from Fireblocks

Partnership, BNY Mellon and Credit Suisse It will give enterprise customers access to NEAR’s ecosystem, including Aurora, Ref.Finance, Octopus Network, and other dApps are among the protocols available in the NEAR ecosystem.

NEAR Foundation CEO Marieke Flament said in a joint statement that the Near ecosystem welcomes the many financial institutions that “have chosen Fireblocks as their trusted provider for digital asset custody and clearing solutions.”

Fireblocks CEO Michael Shaulov claimed that the corporate appetite for DeFi access in major blockchain ecosystems will increase day by day, noting that the new integration will enable Fireblocks to expand its supported blockchain network. This means enterprise customers will have more access to DeFi and Web3.

Fireblocks offers enterprise-grade infrastructure to move, store and issue digital assets, and the platform serves more than 1,000 financial institutions, securing over $2 trillion in digital assets. Fireblocks, which raised $550 million in its Series E funding round in January, increased the company’s valuation to $8 billion during this round.

Near price action

The network’s native token of the same name has skyrocketed by over 16 percent today as institutional support for the platform increased. NEAR token, which was traded at $4.12 at the time of writing, has experienced an increase of almost 32 percent in the last two weeks.

NEAR Protocol

But like most altcoins, it has lost 80 percent from its all-time high of $20.44 in January, with a circulating supply of 747 million tokens and a market cap of $3.2 billion.

You can follow the current price action here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.


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