Hex Trust to support Ripple’s XRP

“The XRPL offers developers a robust foundation for executing complex projects while maintaining its streamlined and efficient feature set. Our existing partnership with Ripple opens new doors for our clients to innovate, grow, and lead in their respective domains.”

Hex Trust has announced its integration with the XRP Ledger (XRPL), the decentralized blockchain network most famous for its native digital asset, XRP, and its key contributor, Ripple, which has been invaluable to XRPL technology upgrades.

This collaboration enables the leading institutional-grade digital asset’s core custody platform, Hex Safe, to support XRP and NFTs through the XLS-20 token standard.

Hex Trust is a leading digital asset custodian

Hex Trust recently obtained DASP registration in France ahead of the implementation of the EU’s MiCA regulation later this year. With the authorization, the firm is allowed to provide digital asset custody, the purchase/sale of digital assets for legal tender, and the trading of digital assets against other digital assets.

Hex Trust opened its first European office in Milan (Italy) in May 2022 and successfully completed its registration with the Italian Virtual Asset Services Provider (VASP) registry of Organismo Agenti e Mediatori (OAM) in June 2022.

In late 2023, Hex Trust secured a full VASP license from Dubai’s digital asset regulator VARA. With offices in Hong Kong, Singapore, Vietnam, Dubai, France, and Italy, Hex Trust is led by banking technologists and financial services experts. The company’s proprietary platform, Hex Safe, offers solutions for digital asset protocols, foundations, financial institutions, and the Web3 ecosystem.

The company has been a key partner for some of the leading digital brokerages in the business, including GCEX. The two have been partners for nearly three years and have recently expanded their collaboration with the addition of staking services.

Hex Trust is unrelated to Hex, founded by Richard Heart, who is being charged with fraud and unregistered securities offerings in the United States.

Hex Trust working with Ripple

XRPL is a decentralized Layer 1 blockchain that plays a significant role in the settlement and liquidity of tokenized assets due to its speed, energy efficiency, low transaction costs, reliability, and network.

Established in June 2012, the XRPL uses a Proof-of-Association Consensus Algorithm, ensuring fast, secure, and sustainable transactions. This technology is widely used for payments, tokenization, gaming, asset custody, NFTs, and DeFi.

Hex Trust’s relationship with Ripple includes collaborations and joint engagements in the digital asset industry. In November 2023, Hex Trust joined Ripple and Fubon Bank in a project under the Hong Kong Monetary Authority’s e-HKD Pilot Programme, showcasing the settlement of tokenized assets.

The integration with XRPL reflects Hex Trust’s commitment to innovation in blockchain technology and digital asset management. Hex Trust, established in 2018, provides regulated infrastructure-based solutions for protocols, foundations, financial institutions, and the Web3 ecosystem.

Giorgia Pellizzari, Head of Custody at Hex Trust, said: “The XRPL offers developers a robust foundation for executing complex projects while maintaining its streamlined and efficient feature set. Our existing partnership with Ripple opens new doors for our clients to innovate, grow, and lead in their respective domains.”

The XRP Ledger, serving as a decentralized public blockchain for businesses, is managed by a global community including software engineers, server operators, and businesses. This community focuses on solving real-world problems and creating value.

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