NEAR Treasury Company SVRN Acquires FastNEAR, Taking Direct Role in Network Operations
Summary
- SVRN said it has acquired FastNEAR, an infrastructure provider for NEAR Protocol (NEAR).
- The company said the deal will give it a direct role in network operations, going beyond simply holding NEAR.
- SVRN said it will increase investment to improve FastNEAR's reliability and processing capacity.
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SVRN, a company that holds NEAR Protocol's NEAR token in treasury, has acquired blockchain infrastructure provider FastNEAR.
SVRN said in a blog post on October 10 that it had completed the acquisition of FastNEAR. The company will become a wholly owned subsidiary of SVRN, and co-founders Eugene Kuzakov and Mike Purvis will join SVRN. Financial terms were not disclosed.
FastNEAR provides infrastructure on the NEAR network that allows wallets and applications to check balances and process transactions. It also stores transaction records and supplies data to developers. The company handles more than 3.5 billion requests a month on average and provides more than 100 terabytes of data.
The acquisition gives SVRN a direct role in operating the network, going beyond simply holding NEAR.
SVRN said its conviction in the network should extend beyond holding digital assets to investing in the infrastructure developers need. It added that it will increase investment to improve FastNEAR's reliability and throughput.
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