We are excited to announce today that we are adding full-support for Stellar as a part of our extensive custody service.
This is an important milestone in an industry that has been in need of SEC qualified custodians to step up and hold digital assets in custody for hedge funds, institutional investors, exchanges, broker-dealers, stablecoins, and retail customers.
“Stellar is emerging as one of the most popular blockchains for tokenizing financial assets, as well as securities due to its speed and out of the box support for issuing and trading tokens,” said Kevin Lehtiniitty, Chief Product Officer at Prime Trust, “adding support for Stellar tokens is a natural extension for our digital asset business and we are thrilled to add this blockchain to our custody capabilities.”
Currently, Stellar is the sixth largest cryptocurrency by market capitalization with $4.6 billion in value.
Convenience is another major headache for many people, who prior to the emergence of qualified custodians and cold-storage solutions, have historically been forced to juggle their token holdings in scores of digital wallets that leave them vulnerable to hacking, theft, loss, estate issues, and complicated legal problems. And now people who own tokens issued on the Stellar blockchain can safeguard all of their digital assets in qualified custody and receive simplified reporting on a single statement.
At this time, Prime Trust is the only qualified custodian in the world that holds custody of any ERC20 token issued on the Ethereum blockchain, and the only one to hold custody of any token issued on the Stellar blockchain.
Support for more blockchains is imminent, and Prime Trust will be making additional announcements in the near future.