NEAR Rebounds After Launching A Business Wallet That’s ‘Confidential From The Market’, With XRP, Bitcoin And Solana Support

NEAR Business allowed teams to pay staff and vendors, swap assets, and allocate capital across more than 35 chains, including BTC, ETH, and SOL.

• NEAR rallied more than 10% on Wednesday after NEAR Protocol launched NEAR Business.
• NEAR said the platform kept payroll and treasury balances “confidential from the market.
• NEAR Business was free to start, with a 0.35% swap fee. 

NEAR Protocol (NEAR) rallied Wednesday, a day after the network launched NEAR Business, a private crypto treasury it said keeps company finances “confidential from the market” while staying “legible to your auditors.”

NEAR Business will allow crypto teams to pay employees and vendors, swap assets and allocate capital across more than 35 blockchains from one dashboard, “with every move approved under rules your team sets,” NEAR wrote on X on Tuesday.

NEAR’s price was up over 10% during the past 24 hours. On Stocktwits, retail sentiment around NEAR remained in the ‘extremely bearish’ zone, while chatter around it stayed at ‘low’ levels over the past day. The rebound came after NEAR fell more than 6% on Tuesday amidst a broad crypto market slip. 

What Will NEAR Business Do?

Supported networks will include Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Base, Arbitrum (ARB), Cardano (ADA), XRP (XRP), and Dogecoin (DOGE), among others. Teams can send payments to many recipients at once, set approval roles, and sign transactions with hardware wallets like Ledger. 

Near Business also helps with maintaining privacy, as it will keep those details hidden while letting auditors and board members see the full record. 

On the contrary, on a public blockchain, anyone with a block explorer can see salaries, vendor payments, and treasury balances. “Confidentiality is about controlling who can watch your operations, not about hiding them,” NEAR said.

Undercutting Enterprise Custody

NEAR also pointed out that “enterprise custody platforms can start at over $18,000 a year” with annual contracts and weeks of setup. NEAR Business, however, was free, with no subscription or per-seat fees. “We currently cover gas for your first 1,000 actions each month, and standard network fees apply after that,” said the firm. Swaps were levied a fee of 0.35% and NEAR said it would pay for gas for the first 1,000 transactions per month. 

The platform was built for foundations, digital asset treasury companies, funds, family offices, and Web3 companies and was only available via invites as NEAR onboarded a small group of teams.

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