NEAR Protocol Integration Announced by Binance Custody: Details

NEAR Foundation has announced its integration with Binance Custody, an institutional-grade digital asset custody solution.

With the integration, institutional users will be able to secure their NEAR assets and other NEP-141 compatible tokens with Binance Custody. Additionally, the integration makes it possible for Binance Custody to offer future support for any NEP-141-compliant tokens from NEAR-based projects.

NEAR is now integrated with @BinanceCustody, an institutional-grade digital asset custody solution.

Now institutional users can easily secure their #NEAR assets and other NEP-141 compatible tokens with Binance Custody.https://t.co/QvhtiEJ7YX

— NEAR Protocol | Create Without Limits (@NEARProtocol) November 8, 2022

Simply put, NEP-141 is a set of guidelines that governs how tokens on NEAR can function. It is an improvement over the previous NEP-21 standard since it is less complicated for users and developers, as well as more affordable and effective.

Binance Custody, launched in December 2021, is an independent, compliant and audited custodial solution that currently supports over 230 digital assets.

As reported by U.Today, Binance Custody announced support for Shiba Inu (SHIB), Audius (AUDIO), Perpetual Protocol (PERP), SKALE Network (SKL) and Injective (INJ) way back in February.

NEAR wallet users skyrocket to over 20 million

Near Protocol is seeing growth, as reflected in the number of its wallet users. The NEAR Wallet had only 2 million users at the start of this year. However, by November, this number had skyrocketed to over 20 million users, representing the wallet's tenfold growth in less than a year.

Currently, over 800 projects are building on NEAR, which uses a proof-of-stake consensus to secure and validate transactions on the blockchain.