PrimeTrust is a qualified custodian and a regulated financial body that offers custody tokens for interested parties. The company doesn’t just work with fiat money but it covers many other traditional assets. It is a third-party trust company based on the blockchain technology. PrimeTrust meets standard KWC qualifications that that allows it to hold alternative assets. Stellar may have gotten a boost as the company announced that it is adding tokens based on the Stellar blockchain to its list of custody tokens.
Stellar (XLM) Price Today – XLM / USD
The blockchain industry is in great need of custodians so this move by Prime Trust is going to be a game changer that will boost the industry. The company already has permission from the Securities and Exchange Commission to hold these tokens and this is a good thing. PrimeTrust is committed to accomplishing its goal of providing state of the art tech-driven services to all its clients. The company’s clients include brokers, exchanges, portals, investment advisers, stablecoins, etc. Not too long ago, PrimeTrust cataloged Ethereum based ERC-20 tokens.
What Is The Major Problem In The Digital Economy?
Everyone in the cryptocurrency industry knows that the industry lacks efficient custodians for cryptocurrencies who can provide a variety of services for stablecoins, retail customers, institutional investors, hedge funds, and broker-dealers.
One of the most common problems facing token holders is storage. Many token holders have to move their tokens from one wallet to another from time to time leaving them prone to cyber attacks. Because of the unavailability of cold storages and qualified custodians in the past, keeping tokens wasn’t too convenient. This didn’t just leave them vulnerable to attacks, it also increased the risk of theft, estate issues, legal problems and other losses. PrimeTrust intends to change everything for Stellar. People who have Stellar-based tokens will be able to safeguard their tokens conveniently. They will receive regular reports on a single account.
The official statement by the chief product officer at PrimeTrust, Kevin Lehtiniitty, shows that the company decided to add Stellar because it believes that the Stellar blockchain has great potential. He said that the Stellar blockchain has become one of the fastest growing blockchains in the industry. It has become the favorite for digital assets and tokenized securities. According to Lehtiniitty, Stellar has suddenly become popular because of its speed and token minting support. He said that PrimeTrust strategically chose Stellar in a bid to expand their business.
Stellar Price Analysis
Main while, the announcement by PrimeTrust seems to have given Stellar a boost against the USD but not against Bitcoin. At the time of writing, Stellar (XLM) was trading at $0.224100. This shows that it is 3.17% higher against the USD. However, when paired against Bitcoin, Stellar is down by 3.14%. The trading volume over a 24 hour period is $61,089,494. At the time of writing, the market capitalization was $4,233,385,888. The next few trading sessions will determine if the price action will change or not. Hopefully, XLM will be able to hold its ground against the USD.