Algorand & Hex Trust partner to support the banking sector’s adoption of digital assets

Algorand & Hex Trust partner to support the banking sector’s adoption of digital assets

February 2, 2021

The Algorand Foundation 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 licensed 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.

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 licensed 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.

“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.” — Alessio Quaglini, CEO and Cofounder of Hex Trust

“The Algorand Foundation is delighted to be partnering with Hex Trust to bring the Algo and ASA based coins onto the Hex Safe 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.” — Sean Lee, CEO of the Algorand Foundation

About Hex Trust

Hex Trust is fully licensed, insured, and the leading provider of bank-grade custody for digital assets. Led by financial services experts and veteran banking technologists, Hex Trust has built a proprietary platform — Hex Safe — that delivers an infrastructure custody solution for banks, financial institutions, asset managers, and exchanges to safely, securely, and efficiently operate in the digital asset ecosystem.

Through the platform, clients can access liquidity providers, exchanges and lending & staking platforms, which allows seamless access to third-party services while assets are held assets in our highly secure and regulated platform. The Hex Safe platform has been designed with a comprehensive compliance-first approach, the highest level of security available in the market, and is scalable for high transaction volumes. ZeroKey™, a proprietary technology, enables seamless transacting and fast access to assets stored on multiple blockchains while maintaining the highest levels of security of cold storage solutions.
www.hextrust.com

About Algorand Foundation

The Algorand Foundation is a not-for-profit organization that has a vision of a borderless, frictionless economy built on public, decentralized blockchain technology. The Foundation, in partnership with Algorand Inc, has built the Algorand blockchain protocol — initially designed by cryptography pioneer and Turing award winner Silvio Micali and a team of leading scientists — as the cornerstone of achieving this vision.

The Foundation envisions a wide breadth of applications being built on this protocol by a new, wider community of mainstream developers. The Foundation is committed to facilitating this innovation in a sustainable and eco-friendly manner by utilizing the Proof of Stake consensus algorithm.
algorand.foundation

Sam Ameen
Sam Ameen
Marketing
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