Hex Trust Enhances Offerings with XRP Ledger Integration

Hex Trust Enhances Offerings with XRP Ledger Integration

February 1, 2024

Hex Trust has integrated with the XRP Ledger (XRPL), a decentralized blockchain network managed by a diverse global community of developers and businesses. This partnership enables Hex Trust to enhance its user experience by leveraging the exceptional features and benefits provided by the XRPL ecosystem.

What is XRPL?

The XRPL is a decentralized Layer 1 blockchain that operates on an open-source platform led by a global community of developers. Known for its speed, energy efficiency, and reliability, XRPL has proven to be an advanced blockchain for facilitating the settlement and liquidity of tokenized assets on a large scale. With its user-friendly development environment, low transaction costs, and supportive community, XRPL offers developers a robust open-source foundation for executing even the most complex projects, all while maintaining its streamlined and efficient feature set. XRPL supports a wide range of services and use cases, including payments, decentralized finance, and tokenization.

Exploring the capabilities of XRPL

Since its establishment in June 2012, the XRPL has been a powerhouse in the world of tokenization, settlement, and liquidity. Its versatile capabilities have enabled a wide range of decentralized applications, spanning from real estate and art to stablecoins, governance tokens, and more. Boasting transaction speeds as fast as 3-5 seconds and costing a mere $0.0002 per transaction, XRPL showcases impressive efficiency and scalability.

The key differentiating factor of the XRPL lies in its innovative Proof-of-Association Consensus Algorithm. This algorithm ensures that designated servers, known as validators, reach a consensus on the order and outcome of XRP transactions every 3-5 seconds. Currently, over 100 validators operate on the ledger, representing universities, exchanges, businesses, and individuals, with the opportunity for anyone to register. This technological advancement has greatly improved the cost, speed, scalability, and environmental sustainability of the XRP Ledger, making it a preferred platform for groundbreaking projects in various domains, including payments, tokenization, gaming, asset custody, NFTs, and DeFi.

XRPL for Hex Trust

Through the integration of XRPL into our core custody platform, Hex Safe, we have expanded our support for users within the XRPL ecosystem. This integration grants both current and prospective Hex Safe customers the opportunity to leverage the benefits of XRPL.

We offer:

● Access to the native digital asset of the XRP Ledger (XRPL), XRP

● Other fungible tokens through the enablement of the Trust Line functionality

● Support for Non-Fungible Tokens (NFTs) by integrating the XLS-20 token standard

● The ability to make Partial Payments and integrate Raw Transactions

We believe these enhance the capabilities and opportunities available to our customers, further empowering them within the decentralized landscape.

Hex Trust has an established relationship with Ripple, the leading provider of enterprise blockchain and crypto solutions, and a key contributing community member behind XRPL technology upgrades. This existing partnership includes several noteworthy projects, alongside joint private-public sector engagements across the digital asset industry. In November 2023, Hex Trust joined a consortium of partners to support Ripple and Fubon Bank in demonstrating the settlement of tokenized assets as part of the Hong Kong Monetary Authority's e-HKD Pilot Programme.

Additionally, Hex Trust actively participated in the Ripple and Metaco HK Policy Summit in October 2023, where engaging discussions took place among stakeholders within the virtual assets industry. Alessio Quaglini, our Co-founder and CEO, shared valuable insights on regulatory advancements in Hong Kong and global consensus, while Giorgia Pellizzari, Head of Custody at Hex Trust, shed light on the transformative potential of Central Bank Digital Currencies (CBDCs) beyond payments.

***

Hex Trust's comprehensive approach to digital asset services ensures that institutional clients have solutions and opportunities to actively engage in the DeFi ecosystem. Interested parties can contact the Hex Trust team at enquiries(at)hextrust.com to explore opportunities for XRP tokens and discuss how they can support their needs and maximize the benefits of participating in the network.

About Hex Trust
Established in 2018, Hex Trust is a fully licensed digital asset custodian dedicated to providing solutions for protocols, foundations, financial institutions, and the Web3 ecosystem. Get access to custody, DeFi, brokerage, and other services built on regulated infrastructure.
For more information, visit hextrust.com or follow Hex Trust on LinkedIn, Twitter and Telegram.

About XRP Ledger

The XRP Ledger is a decentralized public blockchain built for business. The peer-to-peer network that manages the ledger is open to everyone. The XRP Ledger is maintained by software engineers, server operators, users, and businesses–a global community working to solve problems and create real-world value.

For more information, visit https://xrpl.org/ 

Disclaimer 
This material has been prepared by the Hex Trust group (“we”, “our” or “us”). It is not directed to or construed as solicitation or advertising to any person in any jurisdiction where (by reason of that person's nationality, residence or otherwise) the publication or availability of this material is prohibited by any law. This material is not intended for any use that would be contrary to local law or regulation. Products or services mentioned in this material are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Without limiting the generality of the foregoing, we are not licensed with the Hong Kong Securities and Futures Commission to carry on business in any regulated activity under the Securities and Futures Ordinance of Hong Kong.  Accordingly, persons are required to inform themselves of and observe such laws which are in force in their jurisdictions.
Any forecasts, projections and other predictive statements are based on assumptions and expectations in light of currently available information. In addition, any forecast, projection or other predictive statement involves various risks, variables and uncertainties. Any pricing information provided is indicative only and is not intended as a recommendation or an offer or solicitation for the purchase of any digital asset, security or financial instrument, to enter into a transaction involving any digital asset, security, financial instrument or trading strategy, or as an official confirmation or valuation of any transaction mentioned in materials created or distributed by us. We make no commitment to transact at any particular price or at all, now, or in the future. These materials are informational only and do not bind us or any other entity or person in any way. You should not construe the content of any material provided as accounting, financial, legal, tax or other advice, and you should consult your own attorney, financial advisor, tax advisor, accountant or other advisor as to legal, financial, tax, accounting and other matters.
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