Blockchain, the virus, and how we’ve been expanding
Despite the challenging and uncertain macro environment, we find ourselves in, Hex Trust continues to expand in terms of our client base, enhancing our products, building our team, and expanding our geographical presence.
We remain focused on providing the best highly secure, bank-grade and compliant solution for digital assets custody and servicing. Our clients range from banks, corporations, investment funds and exchanges across Asia and Europe.
Here’s an update of what we’ve been working on over the first few months of the year.
Geographical Expansion
During 2019, we expanded across Asia and opened office our South East Asia hub in Singapore and built a technology support hub in Vietnam.
Over the next year, we’re focusing on our expansion into Europe and opening offices in Germany, UK, Switzerland, and Italy.
Team
Hex Trust is continually expanding the team to cope with the increasing demand for our custody solutions. We’re now up to 38 people and we’re delighted to truly have an international and diverse mix of 15 different nationalities who speak 18 languages with team members from Hong Kong, Singapore, Taiwan, Malaysia, Vietnam, Germany, U.K, Switzerland, Italy, France, Poland, Lithuania, Australia, India, and the U.S.
The Six Pillars of Hex Safe
Our custody platform, Hex Safe, has been strategically designed and built with an institutional mindset.
There are six key pillars we focus on which ensures we meet the complex requirements and rigorous framework expected from our institutional clients.
Security — designed to provide multi-tier defences aligned to industry-standard frameworks.
Robustness — designed from the ground-up to perform securely under unexpected circumstances, such as chain-specific events and protocol changes.
Resilience — reactiveness to maintain an acceptable level of service in the face of faults and challenges to normal operation.
Compliance — compliance processes and tools that allow our clients to comply with existing financial regulations, local and international compliance requirements and customer commitments.
Interoperability — Hex Safe provides interfaces for both traditional systems adopted by financial institutions (Swift, FIX) and new platforms via APIs.
Scalability — designed under the assumption that blockchain protocols will be widely utilized to represent a broad range of financial instruments, currencies and other types of assets.
Services
Hex Trust provides a one-stop back office solution and infrastructure for digital assets. With Hex Custody at our core, we offer seamless integration with complementary ancillary services.
To learn more about our products or schedule a demo, please reply to this email and reach out.
Hex Insights
Here’s our latest ‘Hex Insights’ feature from our Head of Strategy, Chris Lobello. The current top news story, and one that looks set to continue for some time, is the Covid-19 coronavirus and its impact on world health and the world economy. The most tragic impact is of course on people’s well being, but the spread of the virus is also having and will continue to have a major impact on business and the global economy. Against this background, Chris explains how the virus is impacting us, and more broadly, how it is impacting blockchain adoption and development across Asia and the world.
Market Updates
Over the last few weeks, despite the drop in prices, we’ve seen some positive and encouraging developments in terms of the regulations of digital assets around the world.
India’s Supreme Court has ruled against a 2018 decision they imposed which stifled growth in the country. The court ruled in favour of petitions from crypto exchanges and startups which opposed their decision in April nearly two years ago which banned domestic financial institutions from providing banking services to crypto exchanges.
South Korea
Provides framework for the regulation and legalization of cryptocurrencies
The South Korean National Assembly passed new legislation that provides a framework for the regulation and legalization of cryptocurrencies and crypto exchanges. South Korea becomes the latest Asian-Pacific nation to prove its intentions of becoming a crypto-friendly country and reap the economic benefits that come with cryptocurrencies and blockchain technology.
France
Recognizes Bitcoin as legal tender
The Commercial Court of Nanterre of France made a historic decision recognizing bitcoin as legal tender in the country — this is the first time cryptocurrency is acknowledged in France.
Germany
Regulator clarifies crypto regulations
The country’s financial regulator, the Federal Financial Supervisory Authority (BaFin, for its German acronym) has established new custody regulations for digital assets and acknowledges that crypto is a legal financial instrument. Over 40 banks so far have expressed interest in providing custody for digital assets.
About Hex Trust
Hex Trust is the Asian leader in enterprise-grade custody for digital assets. Led by innovators from the institutional financial services space, Hex Trust has built a proprietary platform that delivers a modern custody solution for financial institutions, asset managers, and corporations to safely and efficiently operate in the blockchain ecosystem. ZeroKey(TM), a proprietary technology, enables seamless transacting and fast access to assets stored on multiple blockchains, while maintaining the highest levels of security of cold storage solutions. As a registered Trust Company under the Hong Kong Trust Ordinance and holding a Trust or Company Service Provider (TCSP) license under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, Hex Trust offers a truly end-to-end digital asset servicing solution. Visit www.hextrust.com to learn more.
Enquiries: media@hextrust.com
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