Hex Trust, an Asia-based custodian of crypto assets, today announced its partnership with Hedera Hashgraph, the enterprise-class public ledger.
In particular, Hex Trust has integrated the Hedera network and the Hedera Token Service (HTS) standard into Hex Safe, its bank-grade custody platform, which includes support for HBAR, the Hedera network’s native cryptocurrency, and all HTS editions of the protocol enables.
In addition, Hex Trust has been named the strategic custodian of TOKO (a wholly owned subsidiary of DLA Piper), a digital asset creation engine that enables value creation and is provided in partnership with DLA Piper, a member of Hedera’s board of directors.
In particular, TOKO (a wholly owned subsidiary of DLA Piper) has hired the BCW Group to lead the TOKO program development and strategic partnerships to improve the platform’s ecosystem offerings.
Hex Trust + Hedera
The Hedera Consensus Service (HCS), used for low-cost, auditable, high-throughput data logging; and the Hedera Token Service (HTS), which is used for issuing, managing and transferring native tokens.
Launched live last year, HTS enables users to issue digital tokens for any asset in Hedera’s decentralized ledger at the native level, allowing them to instantly and securely transfer value without the need for a middleman.
Anything that represents value can be converted into tokens and transferred, and its value can be redeemed anywhere. Tokens provided via the HTS benefit from the same high performance, security and efficiency as HBAR.
“With this collaboration, Hex Trust is making it easier to expand the enterprise-grade protocol by providing banks, financial institutions and institutional investors with a secure and compliant way to integrate HTS-based tokens. The close cooperation with TOKO (a wholly owned subsidiary of DLA Piper) as strategic custodian shows our commitment to the implementation of robust compliance standards and the protection of investor interests. “
– Alessio Quaglini, CEO and Co-Founder of Hex Trust
In November 2020, Hedera Hashgraph, in collaboration with DLA Piper, launched the tokenization engine TOKO – an engine for creating digital assets that combines the compliance and regulatory rigor of a global law firm with the innovative technology solutions of tomorrow.
TOKO offers a platform for creating new markets and uses distributed ledger technology to disseminate market information and create transparency.
“With its focus on the highest enterprise-class security standards and workflows and a strict compliance approach, Hex Trust has established itself as the leading banking digital asset custodian in Asia. Given TOKO’s attraction in the asset tokenization market, we are pleased that Hex Trust has been named TOKO’s official custodian. “
– Mance Harmon, CEO and Co-Founder, Hedera