Launched in March 2015, Lobstr is collaborating up with DigitalBits, a blockchain startup, which ensures the launch of XDB Labs enabling custodial and wallet storage for digital assets on the DigitalBits blockchain. Lobstr has also reported that it will quickly see the execution of the XDB Wallet.
Created by the founders of Lobstr, the goal of XDB Labs is to hand over a plain and safe cryptocurrency wallet solution that is appropriate for clients and business establishments.
XDB Labs’ original project, XDB Wallet, will function as a solution to hold crypto assets on the DigitalBits blockchain, the first of which will be the DigitalBits’ native token, XDB.
Al Burgio, CEO of the DigitalBits Foundation “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.”
Focused on becoming a transaction and trading layer of digital assets, the DigitalBits blockchain is trusting to generate a marketplace where consumers can store and trade crypto assets such as loyalty points. It is believed that each year approximately $16 billion of loyalty points fail to be redeemed in the U.S. alone. As a consequence, the potential to resolve this problem is obvious. Using blockchain, the rewards industry can be advanced, which, in turn, will enable portability and near-instant transactions.
Echoing Al Burgio’s views, Gleb Pitsevich, co-founder of Lobstr, said
“We believe that applying blockchain technology to customer loyalty programs has great potential and can disrupt the legacy loyalty industry.”
At the time of writing the article, the price of Stellar Lumens is up nearly 18% to trade at ~$0.2498.