Working as a globally-acclaimed digital asset custodian for DeFi and CeFi systems, Hex Trust has announced its strategic collaboration with Terra, a leading brand name in stablecoins and blockchain firms. The two powerful blockchain-focused entities will lay in joint efforts to expand their network coverage and widen their service range for customers. They will strive together to curate an infrastructure that will streamline the overall financial processes for crypto lovers.
As part of the collaboration, Hex Trust will infuse Terra blockchain into its fully licensed custody portal and also leverage support for the staking of Luna Token. Luna is the native token of Terra’s Delegated Proof-of-Stake blockchain network that facilitates staking and governance within the network for the owners.
Terra offers a strong channel of powerful stablecoins that are pegged to reliable fiat currencies. This helps the owners to enjoy stability and liquidity for their Terra-supported digital assets effectively. Stablecoins uses a well-defined protocol and algorithm that ensures price stability by fluctuating the overall money pool at the right phase.
For providing security and other stability services to the ecosystem, the stakers of Luna Token are given rewards out of transaction charges and seigniorage. Its investor pool includes Polychain Capital, 1kx, Kenetic Capital, Binance Labs, Arrington XRP, FBG Capital, Hashed, etc. The Chai payment app built on the Terra blockchain has added on to the network’s popularity. The app is used by more than 3% of South Koreans to pay for various services.
On the other hand, Hex Trust provides security to digital assets through its duly licensed and regulated custodian portal, Hex Safe. It facilitates secured access to DeFi and CeFi networks along with other third-party channels offering lending, borrowing, exchange, and staking services. Regarding the partnership, Calvin Shen, Chief of Sales and Business Development in Hex Trust, stated that his team is excited to collaborate with Terra that has proved its mettle in the Korean crypto market. They will help Terra in its aim to evolve as a leading blockchain payment solution across countries.