Digital Asset Custody Company Announces Solution for Monero
Secaucus is a leading custody solution that is purpose-built for institutional investors who have digital assets. The platform recently announced that it has expanded its custody solutions to include Monero (XMR). XMR launched in 2014 and is seen as one of the most exclusive cryptocurrencies on the market.
According to Co-Founder and Chief Product Officer at DACC Matthew Johnson,
“Given the complexity of supporting Monero in a cold storage environment, we are excited to be among the first custody providers for XMR. Monero is one of the industry’s most valuable assets due to its market capitalization and privacy-oriented structure, and we’re proud to be able to hold the token in a secure manner for investors. We are particularly grateful for the cooperation of the Monero community, which has been helpful while we built out our coverage offering.”
Though Monero’s privacy mechanisms are a driving force behind its popularity, such mechanisms need an intensive process to create custody solutions. According to DACC Co-Founder and Chairman Doug Schwenk,
“Our Enclave wallet technology allows us the flexibility to support many blockchains and has allowed us to build an operational process to complete a Monero transaction in the same window of time as in other tokens.”
DACC was founded with five core principles in mind, including innovation in custody and wallet technology; support for any digital asset or token; security as a feature; regulatory clarity and compliance with all applicable rules and regulations; and institutional-grade, while-glove client services. The DACC platform offers a range of institutions custody solutions for over 95 cryptocurrencies and 12 blockchains, including traditional hedge funds, crypto hedge funds, family offices, sovereign wealth funds, and private equity firms.