Stellar Wallet Lobstr Announces Launch of Custody Service Aimed at Being Consumer-Friendly

By James Gray·21 September 2018·1 min read

Key Points

Lobstr, a Stellar-based wallet that started in March 2015, announced a new custody platform for retail investors.
The wallet company partnered with DigitalBits, a blockchain startup, to build XDB Labs

Lobstr, a Stellar-based wallet that started in March 2015, announced a new custody platform for retail investors. The wallet company partnered with DigitalBits, a blockchain startup, to build XDB Labs. Lobstr and DigitalBits will offer custody and wallet solutions for the DigitalBits blockchain, beginning with an app called XDB Wallet.

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The same team that created Lobstr built the XDB Wallet. Al Burgio, chief executive of the DigitalBits Foundation, said the wallet brings security to crypto holdings. "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," Burgio said.

DigitalBits aims to become a trading platform for digital assets, specifically loyalty and rewards programs. Companies waste $16 billion per year on unredeemed loyalty points in the U.S. Using the blockchain, companies could unlock this value by letting consumers trade loyalty points at near-instant speeds.

Gleb Pitsevich, a co-founder of Lobstr, said the potential is real. "We believe that applying blockchain technology to customer loyalty programs has great potential and can disrupt the legacy loyalty industry," he said.

Stellar Lumens rallied after the XDB Labs announcement. The token rose nearly 18 percent in 24 hours, hitting a market cap of nearly $4.6 billion and taking the sixth-largest position by value. A single token cost $0.244225.

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