November has been a wild ride for all of us in the digital asset industry – starting with the FTX fallout. Consumer confidence has been severely damaged, and it will take time for the entire industry to regain it.
But we don’t see this as an obstacle for the crypto community’s growth. Instead, it’s an opportunity for all of us to grow and do better. And we can do better, using the technology that brought us all here in the first place. Blockchain is the native solution to dramatically increase transparency and verifiable controls - all to restore confidence. Hex Trust was created back in 2018 for this purpose, and we will continue to drive innovation in the digital asset space.
We want to take this time to thank all our clients, investors, and other supporters who have continued to put their trust in us. It is this very community that keeps us moving forward, and we hope to use this opportunity to help reconstruct the narrative of Web3.
Moving on. Here’s what we’ve been up to this month.
Yes, the FTX fallout has taken the industry by storm. But most importantly, it provided all participants with valuable insights moving forward. Check out what our CEO Alessio Quaglini had to say to CoinDesk regarding the recent turn of events, and how it could’ve been avoided with the use of licensed, independent custodians.
On that note, Alessio was also asked to speak at The Daily Forkast to share his opinion on who was to blame for the FTX scandal. In case you missed it, here’s the clip diving deeper into how better due diligence processes are needed, and what regulation for the crypto space will look like in the near future.
And we’re not just talking. To do the best we can to support the market during these critical times, Hex Trust is stepping in with a Custody Fee Waiver for all CEXs that follow the path of transparency and real-time Proof of Reserves.
If centralized exchanges want to regain trust, it’s an offer they can’t refuse.
The year may be ending, but we’re still growing. Hex Trust is very excited to announce that we are one of the first companies to receive a Minimum Viable Product (MVP) license from Dubai’s Virtual Assets Regulatory Authority (VARA)!
Following up from our provisional license in June, we’re ready to help build the virtual asset ecosystem in the up-and-coming crypto hub – all while adhering to regulatory and compliance policies of course.
Market conditions aren’t stopping us from building. Hex Trust has recently expanded staking support for Hedera, allowing our institutional investors to participate in staking the protocol’s native token HBAR. We’ll also be providing auto-compounding (a first-of-its-kind offering) in partnership with BCW Technologies, a node operator of the Hedera network.
2022 has been a year of DeFi exploits, with countless companies and individuals losing large amounts of their funds. As a leading digital asset custodian, we ensure that our customers are fully protected – thanks to our in-house security team. Our Chief Information Security Officer Shane Read recently spoke at a webinar with guests from The Block, THEOS, Arkham, and Bullish to identify ways companies can prevent DeFi attacks and breaches.
The conversation went further to elaborate on what tools/projects companies can leverage, self-custody of digital assets, and consideration points when interacting with smart contracts.
The Hex Trust team was all around the world this month, catching up with our old friends and new. Here’re some places we’ve visited this past month:
📍Singapore FinTech Festival 🇸🇬
📍Solana Breakpoint 2022 🇵🇹
📍Hong Kong FinTech Week 🇭🇰
📍TOKEN2049 London 🇬🇧
While we had a blast at all these events, we sure enjoyed Hong Kong FinTech Week, where we got to celebrate our joint venture with Animoca Brands – Gryfyn. Check out our team in action.
We wrapped up November with Algorand’s Decipher 2022 event which took place in the next global crypto hub – Dubai. Our Managing Director Calvin Shen was invited to represent Hex Trust, and share how we help keep your NFTs safe using institutional standards. With the whole FTX scandal, we’re sure everyone is aware of how important a reliable custody solution is – and this definitely doesn’t exclude NFTs.
We’ve said it, everyone’s saying it, and now you’re reading about it – everyone has a lot to learn from the FTX fallout. The market is experiencing a ripple effect, with exchanges having halted withdrawals, and most recently BlockFi filing for bankruptcy.
That’s definitely not the end of it though. With a crypto giant fallen, there’s bound to be an indirect impact on other industry players and even institutions who may have had interest in digital assets. Our Head of Custody Giorgia Pellizzari shared some key takeaways, how it impacted institutional adoption, and, most importantly, how critical service providers like Hex Trust help turn things around. Stay tuned for the live recording.
Dario has been with the Hex Trust team since 2021, heading our Financing solutions. A lover of carbs, a military fiend, and entrepreneurial spirit, Dario is dedicated to creating new solutions for our clients to interact with the growing DeFi ecosystem. Check out his Twitter for some daily market insights too: @DarioCpx.
Andrew is one of the newest additions to the Hex Trust team – formerly an Adviser, Andrew recently joined us as CFO to head our financial planning, accounting, corporate development and more. A hacker of capital markets for over 28 years, Andrew is drawn to innovation, passion, and non-consensus thinking – delivered fully by the digital asset ecosystem.