Hex Trust has announced the launch of delegation support as an FTSO Data Provider for FLARE ($FLR) and now offers a full suite of products and services around the network. The launch enables institutional clients to delegate their FLR tokens to Hex Trust's Flare Time Series Oracle (FTSO) to earn rewards.
Hex Trust's full suite of products and services around Flare Network also includes the support of FLR, its token standards, and fAssets via Hex Safe, the bank-grade platform for securing and managing digital assets, designed with a compliance-first approach and the highest level of security available in the market. Other Flare services include additional ecosystem functionalities from the safety of cold storage, such as governance, delegations, and wrapping/unwrapping.
“It’s our mission at Hex Trust to fully integrate, support and provide a wide range of services for blockchain ecosystems like Flare Network. As an FTSO, HT Markets will help secure the Flare Network while also adding value to our clients by enabling them to delegate and utilize FLR tokens kept in custody with us.” — Dario Capodici, Head of Markets at Hex Trust
The Flare Time Series Oracle (FTSO) is a decentralized on-chain mechanism that provides time-series data estimates to the Flare Network to ensure accurate pricing for assets within its smart contracts. Every FLR holder now has a chance to delegate/stake their Flare (FLR) vote to Signal Providers such as Hex Trust for the chance to earn more Flare (FLR).
The more accurate the prices Signal Providers voted through delegation are, the higher and more frequent the rewards. By delegating your voting power, not only do you earn rewards, but you support reliable data providers, which strengthens the stability of the FTSO and the entire Flare network ecosystem.
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Flare is the world’s first Turing complete Federated Byzantine Agreement (FBA) network, and integrates the Ethereum Virtual Machine (EVM). Flare Network was built as a protocol on top of this to safely enable the trustless issuance, usage, and redemption of XRP on Flare and has trustless interoperability with other networks, both through interoperability protocols such as Cosmos and Polkadot or with Ethereum via well-defined bridge protocols. The Flare token has multiple utilities, including providing data via an on-chain oracle, governance functionalities, and the ability to be collateralized using DeFi.
The Hex Trust Group is the leading fully licensed and insured provider of bank-grade custody and associated services for digital assets in Asia. Led by veteran banking technologists and award-winning financial services experts, the Hex Trust Group has built Hex Safe, a proprietary bank-grade platform that delivers custody, DeFi, brokerage, and financing solutions for financial institutions, digital asset organizations, corporations and private clients. The Hex Trust Group has offices in Singapore, Hong Kong, Dubai, Italy, and Vietnam.