May 2024: Charting New Frontiers

May 2024: Charting New Frontiers

June 7, 2024

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 the Media

Media Spotlight - Why Hong Kong’s crypto ETFs matter

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.

Events 

Hex Trust Expands Reach and Strengthens Ties during Bitcoin Asia Conference

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. 

Equities First Panel Session | Merging Traditional Finance and Digital Assets

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.

Our Engagement at Consensus 2024

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.

Product Updates: May 2024 

In May, Hex Trust made significant enhancements to Hex Safe.

New Chain Support

  • Avalanche C-chain: Now live on Hex Safe 
  • Hedera: Now live
  • Bitcoin Cash (BCH): Now live

New Asset Support

  • $AVAX (Avalanche)
  • $HBAR (Hedera)
  • $TNSR (Tensor, Solana)
  • $OM (Mantra, Ethereum)
  • $TKO (Taiko, Ethereum)
  • $W (Wormhole, Ethereum) 
  • $BCH (Bitcoin Cash) 
  • $USDX (Hex Trust USD, Ethereum) 
  • $USDX (Hex Trust USD, Flare) 
  • $USDX (Hex Trust USD, Songbird) 
  • $cUSDX (Clearpool USDX, Flare) 

For a complete list of all supported blockchains and tokens on Hex Safe, you can refer to our knowledge base.

Product Enhancements

  • Transaction Transparency: View who initiated/approved transactions on Hex Safe when clicking on the transaction.
  • Detailed Transaction Reports: View Enterprise name, Safe Account name, Wallet type, Initiators, and Approvers when downloading the transaction report from Hex Safe. 
  • Address Book: Utilize the Address Book to simplify transactions by managing frequently used addresses.
  • Whitelisting: Use the Whitelisting feature to enhance security by limiting transactions to a pre-approved list of recipient addresses.
  • Hex Safe Mobile App: Access a new iOS-exclusive app that allows adding multiple accounts under the same app and provides a smoother UI. Mobile app approval expiry time has been updated from 24 to 48 hours.

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

Thank you! Your submission has been received!
Download the PDF ⟩
Oops! Something went wrong while submitting the form.
More from Hex Trust
June 2024: Pushing Boundaries
July 5, 2024
June 2024: Pushing Boundaries
Another month of product enhancements, ecosystem partnerships and the approval of a new license for Hex Trust Markets in Dubai. Our forward momentum in June continues.
Read More ⟩
April 2024: Crypto Momentum
May 7, 2024
April 2024: Crypto Momentum
In April, Hex Trust achieved several milestones, including partnerships, product enhancements, and participation in industry events. They formed new partnerships with Wultra and OpenEden, expanded the capabilities of the Hex Safe platform, and participated in leading global events such as Paris Blockchain Week and TOKEN2049.
Read More ⟩
March 2024: Crypto Market Development
April 8, 2024
March 2024: Crypto Market Development
March Recap: Overcoming challenges in Hong Kong's VATP licensing. Hex Trust proudly attains SOC 1 Type II Certification, demonstrating strong financial controls. Thriving through strategic partnerships. Fostering team dynamics, diversity, and unveiling exciting new product developments
Read More ⟩
We use cookies, including third-party cookies, to ensure that we give you the best experience on our website. By continuing to browse, you consent to the use of cookies. Learn more about cookies and how to control whether they are enabled. View our Privacy Policy for more information.
Cookie preferences