Leading Stellar wallet announces consumer-friendly custody service

Prominent cryptocurrency wallet provider launches new custody and wallet platform for the DigitalBits blockchain to safely and securely store digital assets

LOBSTR, the leading wallet in the Stellar ecosystem, announced today the launch of XDB Labs LLC, and will soon launch XDB Wallet, to support custodial and wallet storage for digital assets on the DigitalBits blockchain. Recently launched, DigitalBits, a fork of the Stellar blockchain, is a protocol focused on becoming the transaction and trading layer of certain digital assets, including the points economy.  

XDB Labs has been created to support and encourage adoption of the DigitalBits blockchain through the use of consumer-friendly tools. With the development of secure and simple storage solutions, suitable for both consumers and enterprises, the mission is to provide comprehensive options for users of all variety. XDB Labs’ inaugural product, XDB Wallet, will act as a complete solution to manage and hold the DigitalBits native token, XDB, as well as other assets built on the DigitalBits blockchain. With an expected $20 billion poised to flow into custody solutions once available, XDB Labs’ solutions will benefit the growing number of those holding digital assets.   

CEO of the DigitalBits Foundation, Al Burgio, said “We are excited to have the LOBSTR team join our partner ecosystem and build out a range of leading custodial and wallet solutions in the DigitalBits ecosystem. XDB Wallet will not only make management of digital assets, such as loyalty and rewards points, simpler, but also provide incomparable levels of security for its users.”

LOBSTR is a simple and secure cryptocurrency wallet for storing Stellar’s native currency, Lumens (XLM), in addition to a host of other assets built on the Stellar blockchain. Stellar is an open-source protocol for exchanging money that allows users to send cross-border payments in seconds, reliably and with extremely low fees. XDB Labs will benefit from the years of experience involved in operating LOBSTR.

Co-founder of LOBSTR, Gleb Pitsevich, said “We are very excited to join the DigitalBits ecosystem and work with the people behind the project. We believe that applying blockchain technology to customer loyalty programs has great potential and can disrupt the legacy loyalty industry. The underlying technology of the DigitalBits blockchain network is similar to what is used in Stellar and we will apply all the experience and knowledge we received from LOBSTR to help build a great platform for managing XDB and other digital assets issued on DigitalBits network.”

The DigitalBits blockchain, a protocol focused on becoming the transaction and trading layer of certain digital assets, including the points economy, is seeking to create a marketplace where consumers can trade and store digital assets such as loyalty points. With a third of all loyalty points going unredeemed each year, at a value totalling approximately $16 billion in the US alone, this is an industry with the potential to be radically advanced through the advantages blockchain technology can provide such as portability and near-instant transactions.