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Hong Kong custodian Hex Trust adds support for Monad blockchain
Cryptocurrency custodian Hex Trust partners with Monad Labs, becoming the first custodian to offer custody services for the Monad Layer 1 network.
Hong Kong– cryptocurrency custodian based Hexadecimal trust has partnered with blockchain developer Monad Labs to offer such services to the Monad ecosystem, according to a press release seen by crypto.news.
The blockchain developer says the partnership marks a “significant milestone” as Hex Trust becomes the “first custodian to offer asset custody support on the Monad blockchain.” Commenting on the news, Monad Labs Head of Business Development Joey Anthony said the firm decided to select the Hong Kong-based custodian due to its key role in the APAC and MENA regions.
“Hex Trust’s positioning as a leading custodian in the APAC and MENA region and rapid innovation in the custody industry make it a key provider for asset custody on the Monad blockchain.”
Joey Antonio
Founded in 2022 by Keone Hon, James Hunsaker, and Eunice Giarta, Monad is a layer-1 network that leverages the Ethereum Virtual Machine (EVM) to implement parallelization, allowing for more efficient processing and instantaneous block finality.
In April, Monad Labs insured a $225 million funding round led by Paradigm to double down on its layer-1 development that will improve transaction speed and reduce fees compared to Ethereum. For its blockchain, Monad Labs also appears to be working on its own native token, dubbed mon, according to Technical documents unveiled in September 2023.
Although subsequent mentions of the token have been removed, it is believed that the token will be used within the blockchain ecosystem for transaction payments.