Near enables multi-chain transactions using a single account

The Near Foundation, a nonprofit organization supporting the Near Protocol layer-1 blockchain, has announced the addition of chain signatures to its protocol. This development allows users to access multiple blockchains using their Near accounts.
According to a press release, Eigenlayer, a restaking project built on Ethereum, is partnering with Near as a launch partner to enhance the security of the Chain Signatures network.
Chain Signatures are cryptographic signatures that enable users to sign transactions on one blockchain using the private key associated with an account on another blockchain. This feature enables cross-chain interoperability, allowing users to interact with multiple blockchains using a single wallet or account.
The Chain Signatures feature allows any Near account to control multiple addresses on different blockchains, opening up new possibilities for decentralized finance. In the future, EigenLayer will provide additional security to this feature, as stated by the Near Foundation.
According to Near, Chain Signatures currently works with Ethereum, Cosmos, Dogecoin, Bitcoin, and XRP Ledger, with plans to support Solana, The Open Network, Polkadot, and others in the future.
One notable aspect of this feature is the “Multichain Gas Relayer,” which eliminates the need for native gas tokens from other chains when conducting transactions. Users can utilize Near (NEAR) or NEP-141 tokens to cover gas fees across any chain.
This addition aligns with Near’s ongoing initiative to streamline the user experience in the multichain ecosystem through its “chain abstraction” efforts.
Chain Signatures is currently available on Near’s testnet, with plans for its mainnet release expected in early May, according to a spokesperson from Near.
Despite its positive financial performance, the Near Foundation recently reduced its workforce by 40%. Additionally, the foundation announced the departure of its CEO, Marieke Flament, without providing specific reasons. Flament oversaw significant growth in the organization’s treasury balance during her tenure from 2021 to 2023.