Cash close to Foundation drops to $900 million as token price plunges

The $200 million drop was primarily due to a drop in the price of Near tokens, in line with the crypto bear market.

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By the end of the second quarter of 2023, Near Protocol (NEAR) layer 1 blockchain treasury had fallen to $900 million, driven by a decline in the price of NEAR tokens from $1.99 to $1.38 $ each.

At the #NEAR Foundation, transparency is at the heart of our concerns.

Check out the Foundation's Q2 23 Transparency Report below for all the details on cash flow, strategy, OKRs, and more! https://t.co/EXZcmhC7sA pic.twitter.com/twxiSffiWM

— NEAR Foundation (@NEARFoundation) July 10, 2023

According to the July 10 report, the Near Treasury currently consists of $349 million in fiat, $315 million in NEAR, and $90 million in loans and investments. A net total of $16 million and NEAR 1 million were distributed to the ecosystem in Q2. By comparison, Near Treasury totaled $1.1 billion in Q1 2023. The developers wrote:

“The NEAR Foundation has continued to take a highly responsible approach to cash management to minimize the risk of loss in a turbulent market, while continuing to deploy capital to fulfill its mission. non NEAR was therefore limited, with fiduciary reserves held in highly rated Swiss bank accounts."

Near Developers also noted that in the face of industry headwinds, such as the U.S. Securities and Exchange Commission's lawsuits against Binance and Coinbase, the Near Foundation has shifted its focus to three main strategies:< /p> Improving its blockchain operating system Continuation of the construction of its decentralized ecosystem Onboarding Web2 to Web3 users