November 2023: Forging Ahead

November 2023: Forging Ahead

December 8, 2023

Image source: The New York Times

The industry received yet another significant blow with the admission and resignation of Binance's former CEO, Changpeng Zhao (CZ), due to money laundering charges. In response, Binance has agreed to pay a fine of up to $4.3 billion as part of a plea agreement with the U.S. Department of Justice. Despite this shocking news, Bitcoin experienced a temporary dip but quickly rebounded, surpassing $40,250 on Binance, reaching a level not seen since April 2022. Additionally, both Bitcoin and Ethereum reached new highs in 2023 just a few days ago.

Forging ahead, Hex Trust has achieved notable milestones. We have collaborated with Celestia to provide secure custody services and staking solutions. Our partnership with Ripple and Fubon Bank to support the HKMA's e-HKD Pilot Programme initiated by the Hong Kong Monetary Authority (HKMA). We have announced our integration with STASIS, allowing us to offer custody services for the EURS stablecoin. These initiatives have solidified our position in the virtual asset industry, and we have received a full VASP (Virtual Asset Service Provider) license from VARA in Dubai, making us one of  the first few virtual asset companies to receive this operating license in the MENA region. 

These developments demonstrate Hex Trust's commitment to growth in the evolving crypto industry. Through strategic partnerships and regulatory approvals, Hex Trust is well-positioned to leverage the dynamic crypto market. Let's review November's achievements.

Dubai's VARA License:  Hex Trust’s Regulatory Compliance

Recognizing Hex Trust's commitment to compliance and regulation, Dubai's Virtual Assets Regulatory Authority (VARA) has awarded us a full Virtual Asset Service Provider (VASP) license. This license positions Hex Trust as one of the pioneering virtual asset companies in the region, allowing them to offer Virtual Assets Custodial Services to institutional clients and investors in Dubai.

Featured in CoinDesk | Cointelegraph | FinTech News Hong Kong | The Block

Celestia TGE: Secure Custody and Staking Services

November was a month of remarkable milestones for Hex Trust in the digital asset industry. One standout accomplishment was our collaboration with Celestia. Our support for modular blockchain network, Celestia, provides secure custodial services for Celestia's native token, TIA, through its institutional-grade platform, Hex Safe. This collaboration allows institutional investors to participate in securing the Celestia network and earn staking rewards through Hex Trust Markets (HTM).

More information about Hex Trust's custodial and staking services designed for $TIA here

HKMA's e-HKD Pilot: Supporting Ripple and Fubon Bank

Another development was Hex Trust's participation in the HKMA's e-HKD Pilot Programme, supporting Ripple and Fubon Bank, along with a consortium of partners including KodeLab, Toko, and BCW Group. The programme aims to demonstrate the use case for settling tokenized assets using e-HKD, which is Hong Kong's potential Central Bank Digital Currency (CBDC). Hex Trust participated in a specific use case, which is a Home Equity Line of Credit (HELOC) pilot, utilizing the Ripple CBDC Platform. We act as a custodian for the hypothetical e-HKD tokens, ensuring the secure storage of assets through the use of warm wallets and a secure platform. The pilot showcases the advantages of streamlined access to property equity, transparency, control, and operational efficiency. This project lays the foundation for future developments in property tokenization and the exploration of broader lending markets and international applications.

You can learn more about this use case and the pilot program here.

HKT Stablecoin Pilot Program: Hex Trust's Custodial Solution

Hex Trust has successfully signed a memorandum of understanding (MoU) with HKT to conduct a trial on the issuance of an HKD-denominated stablecoin, with the aim of exploring the use of digital currency for payments in Hong Kong. HKT plans to be among the pioneers in issuing an HKD stablecoin on a public permissionless blockchain. The trial will test stablecoin issuance, payment, and redemption processes, leveraging HKT's fintech expertise and Hex Trust's digital asset custodian capabilities. This partnership aims to drive innovation, reshape Hong Kong's financial landscape, and contribute to its development as a regional Web3 hub.

Read more about this milestone here.

HKFTW Side Event: Networking and Collaboration

Hex Trust, Talos, and Galaxy hosted an exciting networking event during Hong Kong Fintech Week (HKFTW). The event served as a platform for industry players to connect and collaborate, creating opportunities for partnerships and knowledge exchange. Attendees had the chance to connect, share insights, and explore potential collaborations that can contribute to  innovation in the industry. The event received a positive response, successfully facilitating valuable connections among participants.

PL Summit: Hex Trust’s Journey and Expansion

Our CEO, Alessio Quaglini, spoke at PL Summit 23 during LabWeek23, which was hosted by Protocol Labs. The summit, held on November 13, 2023, in Istanbul, Turkey, served as a platform to celebrate advancements and share updates within the ecosystem. During his presentation, Alessio shared insights on Hex Trust's journey as a prominent digital asset custodian, highlighting our expansion into areas such as DeFi, staking, global market services, and innovative structured solutions. He also discussed the company's institutional presence, global clientele, and notable investors like Protocol Labs.

Hex Trust + STASIS: EURS Custody, Keeping Euros in Check

Hex Trust also made strides in expanding their offerings. By successfully integrating with STASIS, the European fintech company responsible for the oldest EURO stablecoin, EURS, Hex Trust is now able to provide enterprise-grade custodial services for EURS.The partnership reflects Hex Trust's commitment to diversifying its digital assets offering and meeting the growing demand for non-USD stablecoins. Gregory Klumov, CEO at STASIS, emphasized the growing significance of EURS within the stablecoin market and expressed enthusiasm about the partnership with Hex Trust, enabling top-tier EURS custody for our enterprise clients.

Read more about the integration here.

Geoff McAlister at EOCN CFT Workshop

The Entity for Combating Terrorism Financing (EOCN) recently wrapped up a workshop on "Combating Terrorism Financing - Investigations and New Technologies," held in partnership with the United Nations Office of Counter-Terrorism (UNOCT) and the United Nations Security Council Counter-Terrorism Executive Directorate (CTED). Geoff McAlister, Head of Hex Trust Markets, was an active participant in the workshop, providing valuable insights on various topics. These included the private sector's perspective on NFTs, blockchain, and cryptocurrencies, collaboration with the public sector, addressing public authority requirements, and effective partnership expectations.

Watch in full here.

Alessio speaks at HKU Business School

In addition to actively participating in industry events and sharing insights on Hex Trust's institutional presence, global clientele, and expansion into areas such as DeFi, staking, global market services, and innovative structured solutions, Alessio was recently invited as a guest speaker at HKU Business School. During his talk, he had the opportunity to share valuable insights on the blockchain industry and the pivotal role that Hex Trust plays within the ecosystem. At Hex Trust, we are committed to making an impact on the development of young minds in the field of blockchain innovation and fostering discussions on its disruptive influence on future business models.

BLCC Digital Magazine Feature: Hex Trust on Work-Life Balance- Because We’re Not Robots

Image source: BLCC Magazine

Hex Trust is committed to continuous progress and growth, and we place a strong emphasis on work-life balance and the well-being of our employees. An insightful article published in the Belgium-Luxembourg Chamber of Commerce (BLCC) Digital Magazine explores the topic of work-life balance in Asia and the evolving concept of "work-life integration." Stan Choi, our Head of HR, emphasizes the importance of sustainable working practices and acknowledges that long hours are not sustainable in the long run. The article also examines the implementation of flexible and remote working arrangements in Hong Kong, featuring valuable insights from industry experts such as David Owens, Co-Founder of OT&P Healthcare, and Angela Lee, Founder of AL Consulting. This highlights our commitment to fostering a healthy work-life balance for our workforce.

Read in full here.

Till next time. 

The Hex Trust team

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