Digital Asset Custody Company (DACC) is a custody solution designed to help institutional investors with their crypto and digital asset investments. DACC have now announced new support for Stellar XLM in a move that should inspire a new level of investment from high level institutions and corporations.
Overall, DACC currently support of 90 digital assets and 10 different blockchain projects in order to support institutions that operate within the realms of investment advice, hedge funds, private equity token issuers.
According to a press release in PR Newswire, the Chief Product Officer at DACC, Matthew Johnson has 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. We’re 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.”
This is sure to encourage some new institutional interest into XLM and the Stellar project, something that in turn is only going to encourage the already fast paced growth of Stellar and XLM. Moreover, Doug Schwenk, the Founder of DACC has added:
“When we founded DACC, our 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. Adding XLM demonstrates our commitment to offering the widest coverage in the industry without sacrificing security or client service.”
See more for yourself, here.
It’s clear that DACC are very excited about the addition of XLM and it’s clear that this is a project they are interested in.
What sort of investment could this encourage?
The clients of DACC, as stated earlier are all firms that work within financial services, therefore this should encourage some interest from hedge funds, financial advisers and private equity firms into XLM. As a result, investment will be clear, concise and probably of high value. Of course, support from DACC isn’t going to encourage XLM to skyrocket any time soon, but as a long term project, DACC may very well bring some great things to the Stellar project and likewise, Stellar are looking to bring some very positive changes to the growing DACC project.
