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Blockchain security company GK8 announces custody partnership with Stellar

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Blockchain cybersecurity firm GK8 might be providing custody and tokenization companies to the Stellar community, a transfer that would spark institutional curiosity within the Stellar Lumen (XLM) token. 

By integrating with Stellar, clients of GK8 can entry XLM investments in a custodial setting, opening the door to offline transactions of the digital forex, the corporate announced Monday. GK8 has stated that its infrastructure eliminates the danger of cyberattacks whereas additionally offering scalable, high-frequency transactions.

GK8 co-founder and CEO Lior Lamesh stated the partnership permits XLM’s institutional traders to “generate new income streams, digitize property, commerce, and rework forex because it’s despatched.”

Stellar operates as a blockchain-based fee community that originally forked away from the XRP protocol in 2014. XLM has a complete market capitalization of $9.8 billion, putting it twenty second amongst lively crypto initiatives. The token has gained 23% over the week, in line with CoinMarketCap.

GK8 has secured a number of high-profile partnerships over the previous 12 months because it continues to broaden institutional blockchain infrastructure. As Cointelegraph reported in August, State Street-backed Securrency partnered with GK8 to broaden its tokenized infrastructure. GK8 has additionally engaged Mastercard in its Startup Path program.

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

Institutional urge for food for cryptocurrencies is on the rise due to the emergence of recent use instances for digital property. A big proportion of wealth managers plan to both purchase crypto for the primary time or expand their existing holdings. Monetary advisers may very well be main the adoption drive now that crypto investing has been de-risked from a reputational standpoint.

Conventional monetary establishments have additionally begun rolling out institutional custody companies. In Might of, the 103-year-old bank Cowen stated it needs to carry cryptocurrencies on behalf of asset managers and hedge funds.