Hong Kong-based digital asset solutions provider Hex Trust has announced a partnership with Monad Labs, a blockchain and smart contract platform developer, to offer custody support for the Monad Blockchain.
In a statement released on Tuesday, July 9, 2024, Hex Trust highlighted that this collaboration marks a significant milestone as it becomes the first custodian to offer asset custody support for the Monad blockchain. The digital asset provider also claimed that the partnership addresses the growing need for secure and compliant custody solutions in the evolving digital asset ecosystem.
Calvin Shen, Managing Director at Hex Trust, emphasized the importance of this collaboration, stating,
“Monad Labs is a revolutionary platform pioneering a new era in decentralized computing, enabling developers and users to fully harness the potential of blockchain technology. As the first custodian to support 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 implements parallelization for more efficient processing and instant block finality. This innovative approach allows simultaneous operations, significantly enhancing performance compared to traditional consecutive processing methods.
Joey Anthony, Business Development Lead at Monad Labs, expressed optimism about the partnership, saying, “Partnering with Hex Trust is a significant step forward for Monad Labs. Hex Trust’s position as a leading custodian in the Asia Pacific (APAC) and Middle East and North Africa (MENA) regions, along with its fast-paced innovation in the custody space, makes them a key provider for custodying assets on the Monad blockchain. We look forward to working with them and the value it will bring to our ecosystem.”
This development comes on the heels of Monad Labs securing $225 million in capital funding in April 2024. The funding round, led by Paradigm, aimed to help Monad scale its team, improve transaction speeds, and reduce fees on its blockchain platform.
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