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NEAR Token Jumps 12% as Coinbase Adds Support for Near Protocol

UTC by Bhushan Akolkar · 3 min read
NEAR Token Jumps 12% as Coinbase Adds Support for Near Protocol
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Coinbase said that it decided on listing NEAR after doing due diligence and ensuring technical security in the matter.

NEAR, the native cryptocurrency of the Near protocol, jumped more than 12% on Wednesday, August 10, hitting a high of $5.97. The price rally in NEAR came after the Coinbase roadmap showed that it will be adding support to the crypto.

Near Protocol is a Layer-1 blockchain platform providing developers a platform to build decentralized applications (dApps). The blockchain is a direct challenger to Ethereum following a Proof-of-Stake (PoS) consensus model. As per Near Protocol, it operates faster than Ethereum and much cheaper in terms of transaction fees.

The Near Protocol employs a process called “sharding” that leads to very high transaction speed and network capacity. The Near Protocol breaks the blockchains into subchains operated by different regulators and gets regularly connected to each other.

Over the last year, Coinbase has been listing several altcoins on its platform. However, Coinbase has been recently facing the heat from the US Securities and Exchange Commission (SEC) which believes that several of the crypto tokens listed on Coinbase are securities. But Coinbase has completely denied these allegations stating that it conducts due diligence before listing tokens on its platform.

In its recent blog post, Coinbase added:

“Our goal is to list every asset possible that meets our standards for legal, compliance and technical security. These standards do not take into account the market cap or popularity of a project”.

Near Protocol Raising Funds

Layer-1 Ethereum Competitor Near Protocol has been raising funds over the last year across the traditional finance and crypto industries. Recently, the Near Protocol raised $350 million which was double what it raised earlier this year in January.

Last week Near Protocol shared about a security breach of the user wallets that took place earlier in June 2022. This security breach was probably in the recovery system that Near Protocol had employed for a Near Wallet.

The security breach was first spotted by @Hacxyk wherein it noted that the recovery system exposed users’ seed phrases— the private keys used to recover access to a crypto wallet – during the recovery process. Near Protocol has fixed this issue finally noting:

“We no longer allow users to create accounts using email or SMS for account recovery. Despite having no evidence of compromise, we strongly recommend that users who have used email or SMS recovery options in the past rotate their keys. This can be accomplished by visiting wallet.near.org, either by enabling a Ledger device (your most secure option and highly recommended) or enabling passphrase security”.

Read other crypto news on Coinspeaker.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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