Hex Trust, an Asia-based crypto-asset custodian, today announced its partnership with Hedera Hashgraph, the enterprise-grade public ledger.
Specifically, Hex Trust has integrated the Hedera network and the Hedera Token Service (HTS) standard into Hex Safe, its bank-grade custody platform, enabling support for HBAR, the Hedera network’s native cryptocurrency, and all HTS issuances on the protocol.
Additionally, Hex Trust has been appointed as a strategic custodian of TOKO (a wholly-owned subsidiary of DLA Piper), a digital asset creation engine empowering value creation, delivered in collaboration with DLA Piper, a Hedera Governing Council member.
Notably, TOKO (a wholly-owned subsidiary of DLA Piper) has appointed BCW Group to lead the TOKO program development and strategic partnerships to enhance the platform’s ecosystem offerings.
Hex Trust + Hedera
The Hedera Consensus Service (HCS), used for high-throughput, inexpensive, and verifiable logging of data; and the Hedera Token Service (HTS), used for native token issuance, management, and transfer.
Launched live last year, HTS allows users to issue digital tokens for any asset on Hedera’s decentralized ledger at the native layer so that they can instantly and securely transfer value without an intermediary.
Anything representing value can be tokenized and transferred, and its value can be redeemed anywhere. Tokens deployed via the HTS benefit from the same high performance, security, and efficiency as HBAR.
“With this collaboration, Hex Trust facilitates the expansion of the enterprise-grade protocol by providing banks, financial institutions, and institutional investors a safe, secure, and compliant way to integrate HTS-based tokens. Working closely with TOKO (a wholly-owned subsidiary of DLA Piper) as a strategic custodian further demonstrates our commitment to implementing robust compliance standards and protecting investor interests.”
– Alessio Quaglini, CEO and Co-Founder, Hex Trust
In November 2020, Hedera Hashgraph, in collaboration with DLA Piper launched the tokenization engine, TOKO – a digital asset creation engine that couples the compliance and regulatory rigor of a global law firm with the innovative technology solutions of tomorrow.
TOKO provides a platform for creating new markets and uses distributed ledger technology to disseminate market information and provide transparency.
“With its focus on the highest security standards and enterprise-grade workflows and rigorous approach to compliance, Hex Trust has established itself as a leading, bank-grade, Asian digital asset custodian. Given TOKO’s traction in the asset tokenization market, we are excited to see Hex Trust appointed as an official custodian of TOKO.”
– Mance Harmon, CEO and Co-Founder, Hedera
The post Hex Trust to provide custody for native crypto-asset and protocols of Hedera appeared first on CryptoNinjas.