The NEAR cryptocurrency’s hit in price seems to have made its way to the NEAR Foundation’s treasury. According to the foundation behind NEAR’s layer-1 blockchain, it saw a $200 million decline in its treasury at the end of the second quarter of the year.
NEAR Foundation’s Treasury Value Tanks In Q2
The Near Foundation’s treasury value dropped by over $200 million in the second quarter of 2022 alone. The foundation’s Q2 edition of its transparency report showed that the NEAR treasury now stands at $900 million, led by a fall in the price of NEAR tokens. In comparison, the Near Treasury totaled $1.1 billion in Q1 2023.
At the #NEAR Foundation, transparency is at our core.
Check out the Foundation’s Q2 ’23 Transparency Report below for all the details on treasury, strategy, OKRs, and more! https://t.co/EXZcmhC7sA pic.twitter.com/twxiSffiWM
— NEAR Foundation (@NEARFoundation) July 10, 2023
At the end of the second quarter, the treasury held $349 million in fiat reserves, $315 million in NEAR tokens, $90 million in loans and investments, and a net total of $16 million in fiat and 1 million NEAR tokens was deployed to the ecosystem.
While cryptocurrencies like Bitcoin and Ethereum saw some renewed investor interest in the second quarter, many altcoins witnessed a plunge in price, and NEAR was one of them. NEAR, the native token of the blockchain plunged in value from $1.99 at the beginning of the quarter to $1.38. In comparison, NEAR skyrocketed in price in the first and second quarters of last year, reaching more than $20 at its peak.
NEAR price falls to $1.3 | Source: NEARUSD on TradingView.com
Looking Ahead
Go to Source to See Full Article
Author: Scott Matherson
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
