On April 1, Hong Kong-based digital asset custodian Hex Trust announced the integration of R3’s Corda enterprise blockchain with its custody solution. This would allow financial institutions to hold digital assets and tokens built on the Corda platform with Hex Trust’s solution.
Founded in 2018, Hex Trust has built a blockchain-based platform for enterprise-grade custody of digital assets. To date, the firm has mainly supported cryptocurrency tokens, but the latest move broadens its horizons.
Institutions such as the SIX Digital Exchange (SDX) plan to issue digital assets on Corda. So an increasing number of securities token and other digital assets will be available using the technology. The Corda Network means that any application that chooses to participate can, subject to permission, interoperate with others. Hence, R3 will make Hex Trust’s custody solution available to its network of partners.
Hex Trust developed the ZeroKey solution, which enables seamless transactions of digital assets and tokens stored on multiple blockchains. The company is licensed under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance in Hong Kong.
“Corda has proven to meet the security, scalability, and support of highly-regulated organizations with complex requirements so we’re delighted to be able to offer support for their digital assets,” said Alessio Quaglini, CEO at Hex Trust.
The custody solution, Hex Safe, recently integrated IBM’s Hyper Protect Services — a suite of services based on LinuxONE. The partnership with IBM enables higher security for Hex Trust by deploying hardware security modules, data confidentiality and support for regulatory compliance.
Additionally, digital assets on Hex Trust’s platform have insurance coverage arranged by AON.
The custodian has inked deals with several crypto trading firms. It currently supports numerous digital assets, including Bitcoin, EOS, Bitcoin Cash, Ripple, Z-Cash, Stellar, Ethereum and ERC-20 tokens as well as several others.
Meanwhile, Hex Trust offers clients its proprietary wallet solution ZeroKey apart from cold storage and frozen storage. Users such as banks, financial institutions, exchanges, brokers and enterprises get a graphical interface to view the holdings.
R3’s Corda blockchain has been deployed in various scenarios, but more specifically, for the financial industry. Some of the popular use cases include trade finance, capital market functions, digital assets and insurance.