The Algorand Foundation has partnered with bank-grade digital asset custodian Hex Trust to bring the Algo token and tokens built using the Algorand ASA standard onto the Hex Safe custody platform.
Hex Trust is integrating the Algorand blockchain into its custody platform (Hex Safe) to support its native token (ALGO). The integration will also support Algorand-based assets, such as central bank digital currencies, stablecoins and security token offerings.
As part of the partnership, Algorand and Hex Trust will support each other on projects and initiatives enabling the banking sector to adopt digital assets.
The platform, Hex Safe, allows banks, financial institutions, asset managers and exchanges to operate in the digital asset ecosystem. Through the platform, clients can safekeep assets while accessing liquidity providers, exchanges, and lending and staking platforms within the highly-secure and regulated platform. Hex Trust has banking clients in Asia and Europe and has a fully licenced approach in Hong Kong, Singapore, and Germany.
To date, stablecoins like USDT, USDC, QCAD, Monerium, Brazil Digital Real, and Meld have chosen Algorand's blockchain with its near-zero transaction cost (0.001 Algo per transaction).
“Algorand's protocol fundamentals, including being open, permissionless, pure proof-of-stake, and transaction finality, all provide the necessary security, scalability, and decentralization that we believe financial institutions will need when selecting their blockchain of choice,” says Alessio Quaglini, CEO and cofounder of Hex Trust. “Algorand's ability to be interoperable and act as a private chain with the ability to interact with the public chain will be vitally important when targeting institutional tokenization projects."