July 2024 saw the cryptocurrency market reaching new heights with significant regulatory developments, market movements, and technological advancements. Bitcoin surged to $69,000, driven by pro-Bitcoin comments from Trump, while the launch of spot Ethereum ETFs and proposals for integrating Bitcoin with traditional financial systems highlighted growing institutional interest. However, the month also faced security challenges, including major hacks and new scam tactics targeting exchanges, and a decline in NFT trading volumes emphasized the need for sustained innovation.
Amidst these market dynamics, Hex Trust achieved several significant milestones. The firm received regulatory approval from the Monetary Authority of Singapore, partnered with Tokeny to enhance asset tokenization, and teamed up with Monad Labs and Klumi Ventures to support blockchain innovation and the Web3 ecosystem. These strategic moves demonstrate Hex Trust's commitment to advancing digital asset management and solidifying its position in the evolving crypto landscape.
Let’s review our key achievements.
Hex Trust has received In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) License, enabling it to offer regulated Digital Payment Token (DPT) services, including custody and OTC trading, in Singapore. This approval highlights Hex Trust's commitment to compliance and operational excellence and enhances its ability to manage digital assets for institutional clients. By establishing a dedicated office and team in Singapore since 2020, Hex Trust aims to support the city-state's status as a regional blockchain innovation hub. This approval follows Hex Trust's recent acquisition of an additional Virtual Asset Service Provider (VASP) license in Dubai to provide comprehensive Virtual Asset services.
Full announcement here.
Featured in: CoinDesk | The Block | Cointelegraph | The Asset | Business Insider |Crypto News | FinTech News Singapore | |Crypto Times| Blockhead |Crypto.news | Regulation Asia | Finance Feeds
Hex Trust has forged a strategic partnership with Tokeny to accelerate the tokenization of real-world assets (RWAs) for institutional clients. The integration of Hex Trust's custody services into Tokeny's onchain operating system enables institutions already using Hex Trust to seamlessly manage their tokenized securities and securely sign operations through a single, trusted platform. This partnership addresses key challenges around custody, compliance, and interoperability that are crucial for the widespread adoption of RWA tokenization. By combining Tokeny's compliance-focused solutions with Hex Trust's robust custody infrastructure, the collaboration aims to deliver a streamlined and secure tokenization process for institutional players venturing into this emerging market.
Learn more about this partnership here.
Featured in: The Asset
Hex Trust has announced a strategic partnership with Monad Labs, becoming the first custodian to support the Monad blockchain. This collaboration allows Hex Trust to offer its clients the enhanced security, performance, and scalability of the Monad platform. Monad, a high-throughput, Ethereum-compatible layer-1 solution, represents a significant advancement in blockchain technology. By integrating Monad, Hex Trust is expanding its suite of custody solutions, further cementing its position as a leader in digital asset security and compliance. This partnership ensures that institutional clients of Hex Trust can securely and efficiently manage their Monad-based digital assets within a regulated framework.
Learn more about our partnership here.
Hex Trust has entered into a strategic collaboration with Klumi Ventures, a leading blockchain-native Venture Capital firm based in Abu Dhabi Global Market (ADGM), to enhance the UAE’s Web3 ecosystem and leverage virtual asset services. This partnership aims to support Klumi Ventures' regulated Web3 fund, expand its portfolio ecosystem in Abu Dhabi, and strengthen the Web3 market in the UAE. Hex Trust will provide its robust and regulated digital asset management infrastructure, including institutional-grade custody solutions, to facilitate secure and efficient on-chain token investments for Klumi Ventures' portfolio projects and partner companies.
Learn more about our partnership here.
Hex Trust has partnered with Acurast to become a keyholder of tzBTC, the decentralized and transparent wrapped Bitcoin solution on the Tezos blockchain. Leveraging Acurast's confidential compute technology, Hex Trust will provide trustless management of the tzBTC supply, including multi-signature wallets, minting, and burning. This innovative collaboration aims to improve the accessibility and cost-effectiveness of using tzBTC, enabling more users to activate their Bitcoin on decentralized platforms. By combining Hex Trust's expertise in digital asset custody and Acurast's decentralized cloud infrastructure, the partnership delivers the most secure and user-friendly wrapped Bitcoin solution, further strengthening the Tezos ecosystem.
Learn more about our partnership here.
In early July, The Asset reported that Hex Trust’s CEO, Alessio Quaglini, highlighted the accelerating global race for crypto regulation, noting significant progress and diverse approaches across major regions. Hong Kong, for instance, has introduced robust regulatory frameworks for virtual asset trading platforms and stablecoins, although its high entry barriers have prompted some major exchanges to exit. Singapore maintains a cautious yet strategic stance, focusing on anti-money laundering measures and exploring blockchain's potential through initiatives like Project Guardian. Dubai's establishment of the Virtual Assets Regulatory Authority (VARA) has attracted numerous crypto firms by creating a nurturing regulatory environment. Meanwhile, the EU's comprehensive Markets in Crypto-Assets (MiCA) regulation aims to unify the regulatory landscape across member states, and the US shows promise with the Financial Innovation and Technology for the 21st Century Act (FIT21), despite facing regulatory challenges.
As these regulatory frameworks evolve, they present both opportunities and challenges for digital asset firms and policymakers. Regions with supportive and progressive stances are likely to become hubs for crypto innovation. The development of clear regulatory guardrails is fostering a more secure and dynamic digital asset ecosystem, encouraging institutional participation and global adoption. The future of crypto hinges on the effective integration of these regulations with innovative practices, ensuring that digital and traditional financial assets can coexist seamlessly on blockchain platforms.
Read the full article here.
Custody is even more critical in crypto than in TradFi, argues Alessio Quaglini, Founder and CEO of Hex Trust, a leading digital asset custodian. In Asia, the ongoing legitimization of crypto and tokenization goes hand in hand with regulation, bringing crypto closer to TradFi norms. However, custody, the safekeeping of assets with a service level on top, is still largely unregulated. Alessio explains how custody differs in the two worlds, and discusses the lingering questions about regulation and the potential impact of the launch of spot Bitcoin and Ethereum ETFs this year. He also tells DigFin's Jame DiBiasio about Hex Trust's growth strategies, including expanding into DeFi and institutional asset management, as the digital asset industry continues to evolve.
Listen to his insights in a conversation with DigFin’s James DiBiasio here.
Hex Trust’s Managing Director, Calvin Shen, joined Xavier Segura of Morgan Creek Capital Management in a recent episode of Digital Currents to discuss Hex Trust’s strategic international expansion and the importance of regulatory oversight in the digital asset industry. Calvin shared insights on his transition from traditional finance to fintech startups, the transformative potential of blockchain technology, and the key factors driving mainstream adoption of digital assets.
Key highlights included Hex Trust’s regulatory ethos, the company's evolution from a custodian to a leading financial service provider for digital assets, and lessons from the FTX collapse on the necessity of strong governance in crypto. The discussion also touched on Asia’s favorable environment for Web3 innovation and the market impact of crypto ETF approvals.
Listen to the full episode here.
Hex Trust's ongoing engagement with the crypto community was evident at the recent Bitcoin 2024 conference in Nashville. Andrew Bello from the company's Sales and Trading team attended the event to observe the latest developments in the Bitcoin ecosystem.
Here are his top three takeaways:
In July, Hex Trust expanded blockchain and digital asset support, alongside enhancing the Hex Safe:
New Chain Support
New Asset Support
For a complete list of all supported blockchains and tokens on Hex Safe, you can refer to our knowledge base.
Product Enhancements
For further information and assistance, contact our support team at support@hextrust.com.
Our work continues and we look forward to bringing you more updates in August.
— The Hex Trust Team
