22 Nov, 2022 - HT Markets, a member of the Hex Trust Group, now provides staking support for Hedera, an enterprise-grade public ledger for the decentralized economy, enabling financial institutions to participate in staking the protocol’s native token HBAR.
Hedera is a leaderless proof-of-stake network, meaning it does not require mining to solve computational problems and deliver proof of work for reward. Instead, Hedera’s design uses the value of a scarce, “pre-minted” resource (HBAR), staked to network nodes, to achieve consensus and protect the network against certain forms of cyberattacks.
In partnership with BCW Technologies, an infrastructure provider and node operator in the Hedera ecosystem, HT Markets will be able to provide auto-compounding, a first-of-its-kind offering through its staking wallet service; a feature that automatically claims and re-stakes rewards each epoch. Financial institutions and organizations like BCW Ventures can now delegate their HBAR by staking directly from their Hex Safe account.
“We're enthusiastic about native staking available on Hedera, and the increase in wallet staking accessibility in the ecosystem. Having institutional service providers like the Hex Trust Group offer this functionality, alongside the Wallets and Exchanges that have already integrated the service, provides an option for clients like ourselves that have strict requirements on key management. We were also excited to collaborate with the Hex Trust Group to bring to market wallet staking-as-a-service for institutions - a previously underserved segment of the market,” said Dwight van Diem, Managing Partner at BCW Group.
As of October 22nd, HBAR staking rewards are eligible for distribution to staked accounts every 24 hours, marking a significant milestone for the Hedera network. “Hedera has continued to deliver on valuable features, and with the staking support from the Hex Trust Group and BCW we are excited to serve a broader base of financial institutions participating in the growth of the network,” said Dr. Leemon Baird, co-founder of Hedera and Chair of the Coin Economics Committee (CoinCom).
“In recent months, perhaps with the anticipation around the ETH Merge serving as the catalyst, we have seen financial institutions taking an increased interest in staking. More organizations are seeking ways to participate in the decentralized economy, and as an institutional-grade infrastructure provider the Hex Trust Group is strategically positioned to offer universal connectivity with the DeFi ecosystem against the highest security and compliance standards.,” said Giorgia Pellizzari, Head of Custody at Hex Trust.
Earlier in October 2021, Hex Trust integrated the Hedera network and the Hedera Token Service standard into Hex Safe, the bank-grade custody platform, enabling support for HBAR and all HTS issuances on the protocol.
The Hedera network is the most innovative, sustainable public ledger for the decentralized economy. Hedera's robust ecosystem is built by a global community, on a network governed by a diverse council of industry-leading organizations, including abrdn, Avery Dennison, Boeing, Chainlink Labs, Dentons, Deutsche Telekom, DLA Piper, EDF (Électricité de France), eftpos, FIS (WorldPay), Google, IBM, the Indian Institute of Technology (IIT), LG Electronics, Magalu, Nomura Holdings, ServiceNow, Shinhan Bank, Standard Bank Group, Swirlds, Tata Communications, Ubisoft, University College London (UCL), Wipro, and Zain Group.
For more information, visit www.hedera.com, or follow us on Twitter at @hedera, Telegram at t.me/hederahashgraph, or Discord at www.hedera.com/discord. The Hedera whitepaper can be found at www.hedera.com/papers.
BCW Group is a venture studio & enterprise consulting firm dedicated to building Web3 infrastructure & applications that connect and interact with the on-demand digital universe.
Our business lines include technologies, products, enterprise consulting and ventures. We have launched products in the areas of DLT interoperability (hashport), on-chain data analytics (Blockpour), staking and IaaS tools (Arkhia) and real world asset tokenisation (TOKO).
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.