BitGo Cryptocurrency Custodian Platform to Add Support for Stellar Lumens (XLM) Soon

BitGo, which is a cryptocurrency wallet and blockchain security firm, recently announced that they will officially be supporting two new digital currencies. The platform which is based in California confirmed that the new cryptocurrencies are Stellar Lumens and Dash. The information was passed by the BitGo’s founder and CEO, Mike Belshe on Friday, October 5 during Balancing The Ledger, Fortune’s video series.       

BitGo, which reportedly helps investors store cryptocurrency holdings, hence officially confirmed that as of now customers are able to keep Dash while Stellar Lumens (XLM) will be finally added in upcoming future very soon.  

According to Mike Belshe, the company added the new pairs as they offer some advances, particularly around payments”. Belshe’s official comment further on touched the newly added digital currencies separately. He commented first on Dash stating that clients use it to make “instant, private payments online or in-store using secure open-source platform hosted by thousands of users around the world”. As to Stellar’s Lumens, he continued “XLM on the other hand, are focusing on global payments more for consumers”.

BitGo currently offers support for 85 cryptocurrencies through its custody product. The list of supported digital currencies includes such big and prospective names as Bitcoin, Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Zcash etc.

About the Platform

Earlier, as the founders launched the platform, Mike Belshe shared official comments on the initiative. “This is the missing piece for infrastructure — it’s a treacherous environment today. Hedge funds need it, family offices need it, and they can’t participate in digital currency until they have a place to store it that’s regulated… Traditional custodians don’t have experience handling cryptocurrency. Exchanges that double as custodians present a conflict of interest and raise regulatory concerns. BitGo Trust Company is qualified custodian. It’s therefore the only custody offering that delivers highest levels of both security and regulatory compliance” , he concluded.

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