Stellar XLM Among DACC’s 90 Tokens And 10 Blockchains Custody Solution
Digital Asset Custody Company (“DACC”) has announced that it can now provide custody support for Stellar Lumens (XLM), a cryptocurrency based on a blockchain devoted to transforming payment and currency exchange systems.
DACC is the first purpose-built custody solution for institutional investors in cryptocurrencies and other digital assets. The company now offers the ability to secure custody over 90 digital assets and ten blockchains for a range of institutions including registered investment advisors, hedge funds, private equity firms and token issuers.
Matthew Johnson, Co-Founder and Chief Product Officer for DACC said 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.
According to him they are excited to be one of the first custody providers to institutional investors to offer coverage for Stellar, and are looking forward to continually expanding our coverage capabilities in the months ahead.
DACC was founded specifically to serve the institutional investment market and was built on five core principles: security as a feature; innovation in custody and wallet technology; support for any digital asset or token; regulatory clarity and compliance with all applicable rules and regulations; and institutional-grade, white glove client service.
Accordingly, DACC's custody solution provides support for over 90 tokens and ten blockchains, the fastest egress from cold storage in the industry, and beyond enterprise-grade cyber and physical security, designed by a senior management team comprised of investment executives, hedge fund operations experts and government agency security experts.
Doug Schwenk, Chairman and Founder of DACC narrated that when they founded DACC, their first step was to speak with prospective clients who are either invested in digital assets, or are interested in doing so. Custody was and remains a priority, but security concerns and the need to adapt to a fast-evolving cryptocurrency market required a bespoke, custom-built solution.. He said adding XLM demonstrates their commitment to offering the widest coverage in the industry without sacrificing security or client service.