SECAUCUS, N.J., Oct. 17, 2018 /PRNewswire/ -- Digital Asset Custody Company ("DACC"), a leading custody solution purpose-built for institutional investors holding digital assets, today announced that it has expanded its custody solutions to cover Monero ("XMR"). Launched in April 2014, XMR is frequently cited as one of the most private tokens available in cryptocurrency markets.
"Given the complexity of supporting Monero in a cold storage environment, we are excited to be among the first custody providers for XMR. Monero is one of the industry's most valuable assets due to its market capitalization and privacy-oriented structure, and we're proud to be able to hold the token in a secure manner for investors," said Matthew Johnson, Co-Founder and Chief Product Officer at DACC. "We are particularly grateful for the cooperation of the Monero community, which has been helpful while we built out our coverage offering."
While Monero's privacy drives the token's popularity, it also requires a more intensive process to create a custody solution, according to DACC Co-Founder and Chairman Doug Schwenk. "Our Enclave wallet technology allows us the flexibility to support many blockchains and has allowed us to build an operational process to complete a Monero transaction in the same window of time as in other tokens," added Schwenk.
DACC was founded on five core principles: innovation in custody and wallet technology; support for any digital asset or token; security as a feature; regulatory clarity and compliance with all applicable rules and regulations; and institutional-grade, white glove client service. They offer custody solutions for more than 95 cryptocurrencies and 12 blockchains to a range of institutions including traditional hedge funds, crypto hedge funds, private equity firms, family offices, sovereign wealth funds and token issuers.
In addition to its release of a custody solution for Monero, DACC recently announced solutions for stablecoins and other privacy coins Horizen and Zcash.