Hong Kong-based digital asset custodian Hex Trust has teamed up with fintech company IDA to deliver institutional-grade custody services for IDA’s stablecoin products.
This partnership aims to enhance cross-border commerce and digital payments, ensuring secure and compliant custody solutions for IDA’s stablecoin operations.
Hex Trust, known for its multi-jurisdictional licenses and deep institutional expertise, will oversee the custody of IDA’s stablecoins, guaranteeing adherence to regulatory standards while boosting transaction security. The collaboration will also explore real-world use cases for stablecoins in global trade, aiming to improve payment efficiency while meeting regulatory requirements.
“This initiative will solidify Hong Kong’s position as a global financial hub,”
said Giorgia Pellizzari, Managing Director and Head of Custody at Hex Trust.
“We are committed to providing a secure and compliant ecosystem for digital assets, and we are excited to support IDA in the development of this innovative product.”
IDA’s Co-Founder and CSO, Sean Lee, added,
“This partnership is just the beginning. We’re not only focused on custody but are also exploring ways to enhance global trade and commerce, streamlining transactions through our collaboration with Hex Trust.”
The collaboration will further extend to developing a comprehensive financial infrastructure that bridges stablecoin operations with traditional financial systems, including potential foreign exchange features. Hex Trust and IDA aim to create a robust platform to support a flourishing stablecoin ecosystem.
This collaboration also builds upon IDA’s previous partnership with Progmat, Datachain, and TOKI to develop a proof of concept for stablecoin-based cross-border transactions between Hong Kong and Japan, further solidifying their commitment to advancing the future of stablecoin usage in global trade. The initiative aims to enhance trade efficiency by utilizing blockchain technology for import/export settlements. This collaboration seeks to provide a secure, compliant framework for stablecoin usage, with regulatory clarity from both regions. IDA will manage the stablecoin reserves, Progmat will handle issuance, Datachain will facilitate exchanges, and TOKI will enable cross-chain transactions.
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