Hong Kong’s custodian Hex Trust adds support for Monad blockchain

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As a researcher with a background in blockchain technology and experience in the crypto industry, I’m excited about the latest development between Hex Trust and Monad Labs. This collaboration marks an important milestone for both parties as Hex Trust becomes the first custodian to offer custody services for assets on the Monad blockchain.

Hex Trust, a crypto custodian, has announced a partnership with Monad Labs, making it the initial custodian to provide custody services for the Monad layer-1 network. (Or) Hex Trust, as the first crypto custodian, is joining forces with Monad Labs to offer custody solutions for the Monad layer-1 network.

Hex Trust, a cryptocurrency custody firm based in Hong Kong, has teamed up with Monad Labs, a blockchain development company, to provide related services within the Monad network as mentioned in a press release obtained by crypto.news.

The collaboration between the blockchain developer and Hex Trust is a notable achievement, marking the first instance of asset custody being provided on the Monad blockchain by any custodian. Hex Trust’s selection as the chosen custodian was influenced by its significant presence in the APAC and MENA regions, according to Joey Anthony from Monad Labs.

Hex Trust stands out as a prominent custodian in Asia Pacific (APAC) and the Middle East and North Africa (MENA) regions, with a rapid pace of innovation in the custody sector. They are an essential choice for safeguarding assets on the Monad blockchain due to their leading role in this market.

Joey Anthony

I’m an analyst specializing in blockchain technology. In 2022, Monad was established by the team consisting of Keone Hon, James Hunsaker, and Eunice Giarta. This innovative network operates on a layer-1 basis, utilizing Ethereum Virtual Machine (EVM) for the purpose of parallel processing. By doing so, Monad enhances efficiency in computation and ensures instant block confirmation.

In April 2023, Monad Labs successfully raised $225 million in a funding round, with Paradigm taking the lead. This investment will enable Monad Labs to intensify their efforts in enhancing the capabilities of their layer-1 platform. The primary goals are to boost transaction speeds and decrease fees as compared to Ethereum. Additionally, based on technical documents revealed in September 2023, it seems that Monad Labs is developing its native token, mon.

The token, though no longer explicitly mentioned in later instances, is still intended for use in facilitating transactions within the blockchain system.

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2024-07-09 13:16