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Blockchain security company GK8 announces custody partnershi...
News, Stellar

Blockchain security company GK8 announces custody partnership with Stellar

Blockchain cyber security company GK8 will be offering custody and tokenization services to the Stellar Lumen network, a move that could spark institutional interest in XLM token. 

By integrating with Stellar, customers of GK8 can access XLM investments in a custodial setting, opening the door to offline transactions of the digital currency, the company announced Monday. GK8 says its infrastructure eliminates the risk of cyberattacks while also providing scalable, high-frequency transactions.

GK8 co-founder and CEO Lior Lamesh said the partnership enables XLM’s institutional investors to “generate new revenue streams, digitize assets, trade, and transform currency as it’s sent.”

Stellar operates as a blockchain-based payment network that initially forked off the XRP protocol in 2014. XLM token has a total market capitalization of $9.8 billion, placing it 22nd on the active crypto project list. The token has gained 23% over the week, according to CoinMarketCap.

GK8 has secured several high-profile partnerships over the past year as it continues to expand institutional blockchain infrastructure. As Cointelegraph reported in August, State Street-backed Securrency partnered with GK8 to expand its tokenized infrastructure. GK8 has also engaged Mastercard in its Startup Path program.

Related: Evrynet’s $7M raise highlights institutional appetite for DeFi

Institutional appetite for cryptocurrencies is on the rise thanks to the emergence of new use cases for digital assets. A large percentage of wealth managers plan to either buy crypto for the first time or expand their existing holdings. Financial advisers could be leading the adoption drive now that crypto investing has been de-risked from a reputational standpoint.

Traditional financial institutions have also begun rolling out institutional custody services. In May of this year, the 103-year old bank Cowen said it wants to hold cryptocurrencies on behalf of asset managers and hedge funds.

Source: Cointelegraph.com

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