This month, Hex Trust has made significant strides in the digital asset space. Our CEO, Alessio Quaglini, shared insights on the importance of Hong Kong's crypto ETFs in The Asset, highlighting their potential impact on the region. The Hex Trust team also headed to the Bitcoin Asia Conference and Consensus 2024; both conferences echoing the same message of market positivity, growth and development. Finally, we rolled out important product updates, enhancing transaction transparency and support for new assets on Hex Safe.
And significant progress has been made across crypto markets too.
On May 22, the US House of Representatives passed the Financial Innovation and Technology for the 21st Century Act (FIT21). This pivotal legislation would remove any doubt that digital assets are commodities to be regulated by Commodities Futures Trading Commission and not securities to be regulated by the SEC. FIT21 amends existing securities and commodity regulatory statutes, facilitating the use of digital assets and marking a significant milestone in the establishment of a federal regulatory framework for digital assets in the US. However, the House's passage of the digital assets legislation requires approval from the Senate, where odds remain low for decisive action.
The global financial industry has witnessed a remarkable rise in the popularity of cryptocurrency exchange-traded funds (ETFs). From the approval of Spot Bitcoin ETFs stateside in January to the SEC paving the way for the launch of eight ETFs tied to Ether. Widespread anticipation of the approvals on May 21 sent Ether’s price soaring more than 16% year-to-date. After countless rounds of delays, the SEC’s ETH ETF announcement in May was welcomed as an historic moment.
May was another great month of development, growth and industry maturity. Let's review our key achievements.
In an exclusive thought leadership piece for The Asset, Hex Trust's CEO, Alessio Quaglini, shared his analysis on Hong Kong's strategic move to launch crypto ETFs - a milestone that not only sees the City stepping up as a leader in the digital asset space, but also sets the stage for broader acceptance of digital assets across the region.
The approval of spot crypto ETFs in Hong Kong was highlighted as a "global milestone for digital assets," signifying a new regulated pathway that could lead to increased investment flows and more competitive pricing. Hong Kong's position as a leading financial center and gateway for Chinese investment could unlock billions in potential demand, particularly if these products are included in the Southbound Stock Connect program. The advantages of Hong Kong's in-kind creation model for crypto ETFs were also discussed, noting its greater efficiency and arbitrage opportunities compared to the U.S. cash-settled approach. Despite Hong Kong's relatively small ETF market, this move is seen as a potential catalyst for the acceptance of crypto ETFs across the broader Asian region.
Read the full article here.
Hex Trust collaborated with industry leaders Anduro, UTXO, and BOB to co-host a bustling networking event during the Bitcoin Asia conference in Hong Kong. This side event brought together over 200 attendees, showcasing Hex Trust's commitment to fostering partnerships and driving innovation within the cryptocurrency ecosystem.
The networking event provided a platform for Hex Trust to engage with key players in the industry, discussing opportunities around custody, staking, trading, and decentralized finance (DeFi). By aligning with respected partners, Hex Trust demonstrated its ability to facilitate meaningful connections and explore collaborative opportunities that will shape the future of the digital asset space in Asia.
Hex Trust's VP of Digital Custody Product, Rachaika Verma, joined industry leaders in a panel to explore "Merging Traditional Finance and Digital Assets in 2024: Opportunities for HODLers." The event, hosted by Equities First in collaboration with WOW Summit and Uvecon.VC, provided a platform for experts to share insights on the evolving regulatory landscape, the potential for yield earning on digital assets, and the future outlook for the digital asset space, in Hong Kong and other regions.
Alongside industry experts, Henry Chong (CEO, Fusang), Jonathan Gill (Senior Tokenization Director, Hashkey), and Ivan V. Ivanov (Founding Partner, Uvecon.VC), Rachaika and fellow panelists shared their insights on the synergies between centralized and decentralized finance, as well as the integration of blockchain technology into traditional financial systems.
James Lindsay, Hex Trust's VP of Sales and Business Development, attended the highly anticipated Consensus 2024 conference in Austin, Texas from May 27 to June 1. Organized by CoinDesk, Consensus is one of the largest and most influential events that brings together all sides of the cryptocurrency, blockchain and Web3 community. James listened into hard-hitting conversations with visionary speakers, met with developers, founders, brands and policymakers, all with the shared ambition to continue laying the foundation for a more decentralized future.
The overarching message that echoed across the conference halls was that crypto is back. Vibes were positive, side events were plentiful and there were productive conversations both on and off stage.
In May, Hex Trust made significant enhancements to 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
Knowledge Base Updates
For further information and assistance, contact our support team at support@hextrust.com.
We look forward to bringing you more updates in the future.
— The Hex Trust Team
