Today, BitGo announced that it is supporting Stellar. It is the first multi-signature wallet and custodial solution to support the digital asset Stellar Lumens [XLM] which is the asset owned by the Stellar network. XLM is an open source distributive ledger.
With Lumens added to the list of tokens and coins on BitGo, the custodial solution now supports 115 virtual currencies.
According to the blog post, the wallet offers the best security for institutional investors who have an eye for investing in different cryptocurrencies to deal-out the risks involved.
The solution supports 9 blockchains which include that of Bitcoin, Ethereum, Ripple, Stellar, and others. Along with these major cryptocurrencies, it also supports 5 of the 6 major stablecoins and 101 ERC-20 tokens.
According to Mike Belsche, CEO of BitGo, the network benefits its users with a unique payments system. The network’s infrastructure permits cross-asset transfers of value which includes cross-border payments and brings to its clients an instant clear, execution, and settlement platform.
“We’re continuously adding support for digital currencies that our clients express interest in, and lumens are a natural next addition. The Stellar network offers BitGo clients access to a public financial structure for cross-border transfers, making XLM an important new asset for investors,” said Ben Chan, CTO of BitGo
Earlier the network used a manual method to create a multi-signature wallet for Lumens. Currently, BitGo assures security to the cryptocurrency by providing the multi-signature wallet and custody solution
“As the leading institutional custodian service and business wallet in the market, BitGo provides a broad range of options for anyone interested in holding lumens. BitGo broadens institutional client exposure to Stellar by making it significantly easier and more secure to hold XLM,” said Jed McCaleb, Co-Founder, Stellar Development Foundation.