Hex Trust Group Partners with Monad Labs to Offer Custody Support for Monad Blockchain
Hex Trust Group, a leading provider of digital asset solutions based in Hong Kong, has announced a strategic partnership with Monad Labs, a global developer-forward smart contract platform. This collaboration will see Hex Trust offering custody support for assets on the Monad Blockchain, marking a significant milestone for both companies.
In an official statement released on Wednesday, Hex Trust expressed excitement about becoming the first custodian to provide support for assets on the Monad blockchain. As the digital asset ecosystem continues to evolve, the need for secure and compliant custody solutions is more important than ever. By integrating custody support for Monad, Hex Trust’s clients will benefit from enhanced security and innovative technology offered by Monad’s blockchain.
Calvin Shen, Managing Director at Hex Trust, emphasized the importance of this partnership, stating, “As the first custodian to commit to supporting Monad, this partnership reinforces our commitment to providing clients with secure, compliant, and reliable access to digital assets through Hex Trust’s institutional-grade custody infrastructure.”
Monad Labs is known for its high-throughput, Ethereum-compatible layer-1 blockchain, which boasts robust technology and exceptional scalability. The platform is pioneering a new kind of Ethereum Virtual Machine (EVM) that allows for more efficient processing and instant block finality through parallelization, significantly enhancing performance compared to traditional methods.
Joey Anthony, Business Development Lead at Monad Labs, expressed enthusiasm about the partnership with Hex Trust, highlighting the company’s reputation as a leading custodian in the Asia Pacific (APAC) and Middle East and North Africa (MENA) regions. The collaboration is expected to bring significant value to the ecosystem of both companies.
In April 2024, Monad Labs successfully closed a $225 million funding round led by Paradigm. The funds raised will support the development of its EVM-compatible layer-1 blockchain, aimed at improving transaction speeds and reducing fees compared to Ethereum. This funding milestone will enable Monad to scale its team and bring the test version of its blockchain into production.
Established in 2018, Hex Trust is a fully licensed digital asset custodian that provides services for protocols, foundations, financial institutions, and the Web3 ecosystem. The company offers custody, DeFi, brokerage, and other services built on regulated infrastructure.
Overall, the partnership between Hex Trust and Monad Labs represents a significant advancement in the digital asset space, combining Hex Trust’s expertise in custody solutions with Monad’s innovative blockchain technology to provide clients with secure and reliable access to digital assets.
