Serving the banking space as a highly-acclaimed asset custodian from Asia, Hex Trust has announced that the platform has successfully integrated the Tezos blockchain and staking/baking facilities into its custody solution, Hex Safe. The partnership will allow Hex Trust to offer complete banking-level custody for the Tezos network and its native crypto token XTZ along with any Security Token projects launched on the decentralized system.
The Hex Trust team took to its official Twitter handle to broadcast the news in the crypto community. The post read:
We have fully integrated the @tezos blockchain and staking/baking functionalities into our custody platform #HexSafe, enabling us to provide full bank-grade custody for any Security Tokens projects built on the protocol.https://t.co/VWDFebNGnb#DigitalAsset #Blockchain #Custody pic.twitter.com/86GgOXCxUl
— Hex Trust (@Hex_Trust) July 23, 2020
As part of the recent collaboration, Hex Trust will support the staking or delegation executed by the users either through Hex Trust operated Baker nodes or any other Baker node preferred by them. With an intention to offer the best in-class security for the Baker node private keys, Hex Trust has employed the Remote Signer protocol in association with IBM CryptoExpress HSM, which shines as the highest FIPS Level 4 certified devices in the industry. The Hex Trust users will become passive earners from their Tezos tokens held with Hex Trust.
Tezos uses the Proof-of-Stake algorithm which renders any stakeholder a right to participate in the consensus mechanism of the network. The holders are rewarded for giving significant inputs in strengthening the security and stability of the platform. Staking is addressed as delegating in Tezos, which indicates towards the act of signing and publishing blocks on the blockchain. Bakers hold a special place in the Tezos consensus method as they give assurance about the accuracy of the transactions completed on each block.
Hex Safe is a revolutionary platform that offers a custody infrastructure, user-friendly deployment features, and streamlined integration with third-party firms. These outside firms can belong to a wide range of domains, including exchanges, OTCs, lending, and staking. Hex Trust has strengthened its hold in the market by expanding its presence in Hong Kong, Singapore, Vietnam, and Germany. It is duly licensed and aspires to change the traditional banking setup with decentralization-favored products and services.