The blockchain-based third-party trust company, Prime Trust, has announced that it is adding Stellar-enabled tokens to its custody. Given that the blockchain industry needs qualified custodians, Prime Trust’s move to hold these tokens has become critical. Indeed, the company meeting the Securities and Exchange Commission’s standard for qualified custodians is icing on the cake. No doubt, the cryptocurrency industry lacks qualified custodians for digital assets custody for a wide range of services. These services are retail customers, broker-dealers, stablecoins, institutional investors, and hedge funds. Presently, Stellar (XLM) has a market cap of $4.6B USD, making it the sixth most capitalized cryptocurrency in the virtual currency market.
Challenge of Digital Assets
In retrospect, many users have had to juggle their tokens in lots of digital wallets, leaving them vulnerable to cyber hacking. Indeed, they struggled with convenience at the time as there were no qualified custodians or cold storage. Apart from being vulnerable to attacks, they were also prone to theft, losses, legal problems, and estate issues. Though, Prime Trust is out to rewrite the narratives. The thing is, owners of Stellar Blockchain tokens can now safeguard all their tokens with Prime Trust and be sure to receive reports on their single accounts.
About Prime Trust
Aside from being a Qualified Custodian, Prime Trust is a regulated financial institution that provides custody of tokens. Basically, the trust company goes beyond fiat and covers traditional assets. With KYC/AML regulations to better secure holdings and ensure compliance, Prime Trust also offers holdings in other alternative assets. The company is committing to achieving its mission, which is to provide tech-driven services to its clients. Certainly, these clients include portals, exchanges, investment advisers, brokers, platforms, stablecoins, and many others. CryptoBlockWire recently reported that Prime Trust has cataloged ERC-20 tokens issued on the Ethereum Blockchain. To date, it is the only digital asset holding company that offers such a service.
The Chief Product Officer at Prime Trust, Kevin Lehtiniitty, offered more insight on the development. He noted that Stellar Blockchain is becoming one of the most popular blockchains for tokenized securities and digital assets. Lehtiniitty also stated that the reason for the increased popularity of the Stellar Blockchain is its speed and seamless support for token minting. Speaking further, he disclosed that support for Stellar-enabled tokens is a strategy for expanding the horizons of their business. He added that they are thrilled to include Stellar tokens to their “custody capabilities.”
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