Near Foundation Treasury Falls to $900 Million

The treasury of the layer-one blockchain Near Protocol (NEAR) has fallen to $900 million towards the end of the second quarter of 2023, which has been reflected on the fall in price of NEAR from $1.99 to $1.38 per token.

A report conducted by the Near team, published on July 10, has indicated that the Near Foundation Treasury constitutes of $349 million in fiat and $90 million in loans and investments, while $16 million and 1 million NEAR tokens were distributed to the ecosystem during the quarter.

This is what the project’s developers had to say about the approach being followed, despite facing industry headwinds such as the increasing regulatory scrutiny from the United States Securities and Exchange Commission (SEC):

“The NEAR Foundation has continued to adopt a highly responsible approach to treasury management in order to minimize the risk of loss in a turbulent market, while continuing capital deployment to fulfill its mission. Exposure to non-NEAR assets therefore has been limited, with fiat reserves held in highly rated Swiss bank accounts.”

Amidst the jumble of lawsuits, Near has shifted its focus towards three core initiatives:

1- Enhancement of its blockchain operating system

2- Continued building of its decentralized ecosystem

3- Onboard Web2 users to Web3

With regards to the upcoming quarter, the team behind the project stated that growing partnerships and delving into supporting projects in the Near Horizon ecosystem remains the key priority.

Sources:

https://cointelegraph.com/news/near-foundation-treasury-drops-900m-token-price-plunges

https://www.financialexpress.com/business/blockchain-near-foundation-sees-a-fall-in-revenue-in-the-second-quarter-of-2023-3166871/

https://near.org/blog/near-foundation-transparency-report-q2-2023

https://coinmarketcap.com/currencies/near-protocol/