Blockchain

Hex Trust Becomes First Licensed Digital Asset Custodian in Hong Kong

Hong Kong-based digital asset custodian Hex Trust announced on Wednesday that it had become the first licensed company from the country to be integrated with the R3 network’s Corda platform. In a post on Medium, it stated that the move has enabled R3’ blockchain into Hex Trust’s custody solutions, and also made the digital asset custody enterprise available to the wide range of R3’s network of partners.

Hex trust CEO, Alessio Quaglini said

“Hex Trust is proud to become the first custodian to integrate with R3’s Corda. Corda has proven to meet the security, scalability, and support of highly-regulated organizations with complex requirements so we’re delighted to be able to offer support for their digital assets. To join R3’s ecosystem and become a digital asset custody provider is a great honour for Hex Trust and is a testament to our team’s intense focus on providing the most compliant and enterprise-grade solutions for institutional clients worldwide.”

Quaglini also stated that the company’s mission was to connect with clients and provide access to the best public and private blockchains, and the integration with Corda is a big step in this direction. Speaking on the development, Cathy Minter, R3 CEO, commented that it was a time in the digital asset space and that the company is looking forward to shaping the progress in the industry along with its partners.

As of now, R3 works with over 350 firms across the globe to build distributed applications for the platform, commonly known as CorDapps, which are used by several sectors, including financial services, insurance, healthcare, and trade finance. Cathy further said,

“As digital assets come increasingly to the fore, we are proud to see our blockchain technology touch all stages of the custody process. Corda’s unique scalability and security attributes make it ideally suited to heavily regulated environments and we wanted a custodian that operated with those same features. We have found that in Hex Trust and its commitment to the end-to-end safekeeping of digital assets.”

As per the blogpost, the integration with Corda will allow Hex Trust clients like BFSIs, NBFCs, etc., to safely park and secure the tokens built on the Corda network within its proprietary custody platform.

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Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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