Hex Trust, the custodian of crypto assets in Asia, today announced its partnership with Hedera Hashgraph, an enterprise-grade public ledger.
Specifically, Hex Trust has integrated the Hedera Network and the Hedera Token Service (HTS) standard into Hex Safe, its bank custodian platform, enabling support for HBAR, Hedera Network’s native cryptocurrency, and all versions of HTS on the protocol.
In addition, Hex Trust has been appointed as a strategic trustee of TOKO (a wholly owned subsidiary of DLA Piper), the value-creating digital asset creation engine, which is being served in association with DLA Piper, Hedera Board Member.
Notably, TOKO (a wholly owned subsidiary of DLA Piper) has appointed BCW Group to lead the development of the TOKO program and strategic partnerships to enhance the platform’s ecosystem offerings.
Hex Trust + Hedera
Hedera Consensus Service (HCS), used for high-throughput, inexpensive and verifiable data logging; Hedera Token Service (HTS), used to issue, manage, and transfer native tokens.
HTS, which was launched last year, allows users to issue digital tokens for any asset on Hedera’s decentralized ledger at the native layer so that they can transfer value instantly and securely without an intermediary.
Anything that represents a value can be encoded and transferred, and its value can be redeemed anywhere. Tokens deployed via HTS benefit from the same high performance, security, and efficiency as HBAR.
“Through this collaboration, Hex Trust facilitates enterprise class protocol expansion by providing banks, financial institutions, and institutional investors with a safe, secure, and compliant method for integrating HTS-based tokens. Working closely with TOKO (a wholly owned subsidiary of DLA Piper) as a strategic trustee explains Our commitment to implementing strong compliance standards and protecting the interests of investors.”
– Alessio Quaglini, CEO and Co-Founder, Hex Trust
In November 2020, Hedera Hashgraph, in collaboration with the tokenization engine DLA Piper, launched TOKO – the digital asset creation engine that combines the regulatory compliance and rigor of a global law firm with innovative technology solutions of the future.
TOKO provides a platform to create new markets and uses distributed ledger technology to disseminate market information and provide transparency.
“With its focus on the highest standards of security, enterprise-grade workflows, and a rigorous approach to compliance, Hex Trust has established itself as the leading bank-grade Asian digital asset custodian. Given the attractiveness of TOKO in the asset token market, we are pleased to see Hex Trust appointed as TOKO’s official trustee. “.
– Mance Harmon, CEO and Co-Founder, Hedera