According to the announcement, the support of the $NEAR Token and the NEP-141 Standard will allow institutional users with $NEAR holdings to use their highly secure storage infrastructure. The integration also makes it possible for Binance Custody to provide future support for any NEP-141 compatible tokens from projects building on NEAR
Athena Yu, VP of Binance Custody, said the integration would allow NEAR token holders to benefit from Binance Custody’s “secure, integrated security and liquidity solution”. She welcomed any project building on the NEAR Network to contact them so they could learn about Binance Custody’s institutional offerings. Which, according to her, would enable developers to build with “peace of mind.’
Also, she stated that institutional users could take advantage of an integrated ecosystem built to help them manage their assets with world-class security standards, backed by multi-party computation technology.
NEAR Foundation CEO, Marieke Flament spoke on the security of the integration and expressed his belief that NEAR would 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 as the integration does not only allow NEAR Network users store their digital assets securely but also offer them the chance to benefit from liquidity opportunities due to the Binance Custody’s integration with the vast Binance ecosystem.
Binance Custody offers a growing retinue of solutions which include:
- Qualified Wallet: An institutional-grade cold vault storage
- Prime Wallet: A warm wallet infrastructure offering instantaneous transactions between Binance Custody and the Binance exchange, with sub-accounts.
- Binance Mirror, which matches an institution’s cold storage custody funds with 1:1 availability on their Binance exchange account to access deep liquidity venues.
- Cold Convert: They are trade tokens from cold storage with zero counterparty risk and customized slippage tolerance without compromising security.
NEP -141 is a set of principles that guide how the NEAR Token operates. It is an improvement from the NEP-21 standard and is simpler for developers and users, as well as cheaper and more cost-effective.
Binance Custody is an institutional-grade digital asset custody solution created by Binance.