LOBSTR, the largest wallet provider in the Stellar ecosystem, has collaborated with DigitalBits to provide custody and storage solutions for assets residing on the DigitalBits blockchain. On September 20, 2018, LOBSTR launched XDB Labs, and initiated the development of the XDB wallet, providing users with a secure mobile solution to store, transfer and trade their digital assets.
In a recent article by Forbes, cryptocurrency custody and storage solutions are cited as an emerging innovation with the potential to bring an influx of institutional investment into the market. Large players in the space such as Coinbase and BitGo, are both exploring custody solutions. Even a more traditional entity, the multi-national investment bank Citigroup, has launched a product called “Digital Asset Receipt,” or DAR, providing institutional investors with a means to invest in cryptocurrency in a secure, and regulatory-compliant manner.
As a fork of the Stellar blockchain, the DigitalBits technology is familiar to the LOBSTR team. Co-founder of LOBSTR, Gleb Pitsevich, said — “We are very excited to join the DigitalBits ecosystem and work with the people behind the project. We believe that applying blockchain technology to customer loyalty programs has great potential and can disrupt the legacy loyalty industry. The underlying technology of the DigitalBits blockchain network is similar to what is used in Stellar and we will apply all the experience and knowledge we received from LOBSTR to help build a great platform for managing XDB and other digital assets issued on DigitalBits network.”
Businesses and third-party developers will be able to leverage the Frontier API and DigitalBits SDK to create custom, brand-specific wallets. This will allow DigitalBits partners to provide advanced and personalized features to both businesses and customers alike.
The growing importance of secure custodial services in cryptocurrency cannot be overlooked. As interest builds and increasing amounts of capital flow into the industry and its associated technology, institutions and individuals alike will require reliable custodial services.
“We are excited to have the LOBSTR team join our partner ecosystem and build out a range of leading custodial and wallet solutions in the DigitalBits ecosystem.” said Al Burgio, CEO of DigitalBits.