Kingdom Trust adds Zcash (ZEC) and Stellar Lumens (XLM)

Kingdom Trust adds Zcash (ZEC) and Stellar Lumens (XLM)

Kingdom Trust has announced the addition of Zcash (ZEC) and Stellar Lumens (XLM) to its list of acceptable cryptocurrency investments.

Kingdom Trust is a qualified custodian that specializes in unique custody solutions. It is considered as one of the leading qualified custodians holding cryptocurrency investments. Apart from ZCash and Stellar Lumens, the qualified custodian also accepts 7 other digital currencies as investments which include Bitcoin (BTC), Bitcoin Gold (BTG), Ethereum (ETH), Bitcoin Cash (BCH), XRP (XRP), Ethereum Classic (ETC), and Litecoin (LTC).

According to the company’s website, they have over $12 billion in assets under custody and serve 100,000 clients. The company believes that they fulfill a large gap in the market concerning cryptocurrency custody solutions, as individual and institutional investors move into the market.

Matt Jennings, the CEO of Kingdom Trust, says,

“Kingdom Trust is proud to now hold these two coins on our industry-leading platform. As a qualified custodian, we take our role as solutions provider very seriously, and we are excited to add many more solutions like this in the near future.”

The Kingdom Trust Company operates as a custodian and a non-depository trust company. The Company provides custody solutions for individual investors, investment sponsors, family offices, advisory firms, and broker-dealers. Kingdom Trust serves clients in the State of Kentucky.

BitGo announced in January 2018 that they wanted to acquire Kingdom Trust as the qualified custodian could attract as much as $20 billion from institutional investors. However, as seen on a Medium post in May 2018, BitGo mentioned that it was “seeking a charter to build BitGo Trust,” a “new regulated qualified custodian.” But BitGo was seeking a charter to build BitGo Trust and so it would no longer acquire Kingdom Trust, though it had received approval for the acquisition.

Robin Verderosa, the Product Manager at BitGo, said,

“We spent a lot of time over the course of this working with customers because ultimately that’s who we’re going to be serving and we realized they would be best served by a custodian who was entirely focused on their assets, so our focus has been to create a fully qualified independent digital custodian,”

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Aayushi Dhawan
Aayushi Dhawan is an avid reader, researcher, crypto writer and a passionate student. While pursuing her graduation in commerce at SRCC, she realized that writing and Finance give her immense pleasure. She is currently pursuing her post graduation in Commerce (Finance) from Department of Commerce, Delhi School of Economics and keeps on exploring the intricacies of research, her biggest strength.