Stellar (XLM) is now available on one of the first cryptocurrency custody platforms for institutional investors.
The Digital Asset Custody Company says the new addition brings Stellar to a range of institutions, including registered investment advisors, hedge funds, private equity firms, crypto exchanges, OTC crypto brokers, token issuers and other institutional investors.
The company, founded in 2017 and based in Secaucus, New Jersey, is run by former hedge fund execs and Wall Street veterans.
“With a market cap in the billions of dollars, XLM has become one of the more widely-held cryptocurrency investments in today’s market – necessitating a secure, trusted solution for institutions that require a custodian for regulatory or client due diligence purposes,” says co-founder Matthew Johnson.
For risk-averse investors with a lot of capital, highly secure custody solutions are key. To maintain that high level of security, DACC says it places coins in cold storage that’s physically disconnected from the internet. The company also promises its clients’ private keys are never exposed to operations staff.
Custody solutions are slowly growing in number and size. Coinbase is creating its own solution called Coinbase Custody, and recently announced a lengthy list of 37 cryptocurrencies under consideration. The platform is the centerpiece of the company’s plan to help open the crypto space to Wall Street investors.
“We think this can unlock $10 billion of institutional investor money sitting on the sideline,” Adam White, Coinbase’s vice president and general manager, told CNBC. “We’re seeing a rapid increase in attention awareness and adoption in the cryptocurrency market.”
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