GK8, a cybersecurity company specializing in blockchain networks, will offer custody and tokenization services to the Stellar network: news that could arouse institutional interest in the Stellar Lumen token (XLM).
By integrating with Stellar, GK8 customers will be able to access XLM investments in a custodial environment, thus opening the door to offline digital currency transactions, has announced Monday the company. GK8 said its infrastructure eliminates the risk of cyber attacks while providing high-frequency, scalable transactions.
Lior Lamesh, co-founder and CEO of GK8, said the partnership will allow XLM’s institutional investors to “generate new revenue streams, digitize assets, trade and convert currency as soon as it is sent“.
Stellar operates as a blockchain-based payment network, initially split by the XRP protocol in 2014. XLM has a total market capitalization of $ 9.8 billion, ranking 22nd among active crypto projects.
GK8 has secured several high-profile partnerships over the past year, continuing to expand the institutional blockchain infrastructure. As Cointelegraph reported in August, State Street-backed Securrency partnered with GK8 to expand its tokenized infrastructure. GK8 has also involved Mastercard in its Startup Path program.
Institutional interest in cryptocurrencies is on the rise thanks to the emergence of new use cases for digital assets. A large percentage of wealth managers plan to buy cryptocurrencies for the first time or expand their existing holdings.
Traditional financial institutions have also begun to implement institutional custody services. In May, the Centennial Bank Cowen stated that he plans to hold cryptocurrencies on behalf of wealth managers and hedge funds.
Risk Disclosure: The articles and articles on Arover.net do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies.