Algorand Blockchain partners with Hextrust digital asset custodian for digital assets
The Algorand Foundation, blockchain platform has partnered with Hex Trust, the leading bank-grade digital asset custodian, to bring the Algo token and tokens built using the Algorand ASA standard onto the Hex Safe custody platform. Hex Trust is integrating the Algorand blockchain into it’s fully licenced custody platform (Hex Safe) to support its native token (ALGO). The integration will also support Algorand-based assets such as Central Bank Digital Currencies (CBDCs), Stablecoins (e.g. USDC) and Security Token Offerings (STOs). As part of the partnership, Algorand and Hex Trust will support each other on projects and initiatives enabling the banking sector to adopt digital assets.
Alessio Quaglini, CEO and Cofounder of Hex Trust stated, “Hex Trust identified Algorand as one of the leading blockchain protocols whose institutional vision and technology align with our mission. Algorand’s protocol fundamentals, including being open, permissionless, pure proof-of-stake, and transaction finality – all provide the necessary security, scalability, and decentralization which we believe financial institutions will need when selecting their blockchain of choice. Algorand’s ability to be interoperable and act as a private chain with the ability to interact with the public chain, will be vitally important when targeting institutional tokenization projects.”
The platform, Hex Safe, allows banks, financial institutions, asset managers, and exchanges to safely, securely, and efficiently operate in the digital asset ecosystem. Through the platform, clients can safekeep assets while seamlessly accessing liquidity providers, exchanges, and lending & staking platforms within the highly-secure and regulated platform. Hex Trust has banking clients in Asia and Europe and has a fully licenced approach in Hong Kong, Singapore, and Germany.
The Algorand blockchain, with its unrivalled speed, scale, security, and transaction finality is becoming the platform of choice for leading stablecoins around the world. To date, stablecoins such as USDT, USDC, QCAD, Monerium, Brazil Digital Real, and Meld have all chosen Algorand due to not only the transaction performance of the Algorand blockchain, but also because of the near-zero transaction cost (0.001 Algo per transaction). The Algorand Foundation team expects the accelerating adoption of Algorand, as the preferred platform for stablecoins, to continue throughout 2021 and into the future.
Sean Lee, CEO of the Algorand Foundation
“The Algorand Foundation is delighted to be partnering with Hex Trust to bring the Algo and ASA based coins onto the HexSafe platform. Providing clients who wish to embrace cryptocurrencies and tokens with a regulated and secure, yet highly flexible platform, on which to conduct transformational, instant, digital transactions – will accelerate the broad institutional adoption of digital currencies. We’re excited to collaborate with such a strong ecosystem partner in Asia.”