Digital Custodian Hex Trust Broadens Scope with XRPL Integration

Digital Custodian Hex Trust Broadens Scope with XRPL Integration

by February 1, 2024

Hex Trust, an institutional-grade digital asset custodian, has announced its integration with the XRP Ledger (XRPL), a decentralised Layer 1 blockchain.

According to the company, this development allows its principal custody platform, Hex Safe, to incorporate support for XRPL’s native digital asset, XRP, and for Non-Fungible Tokens (NFTs) via the XLS-20 token standard.

The XRPL, operational since June 2012, is characterised by its transaction speed, energy efficiency, cost-effectiveness, and reliability. The blockchain’s Proof-of-Association Consensus Algorithm is noted for its role in promoting transaction security and environmental sustainability, as described by Hex Trust.

Giorgia PellizzariHex Trust

Giorgia Pellizzari

“The XRPL offers developers a robust foundation for executing complex projects while maintaining its streamlined and efficient feature set,”

said Giorgia Pellizzari, Head of Custody at Hex Trust.

Hex Trust has also referenced its established partnership with Ripple, a key participant in technological advancements of XRPL and a provider of blockchain and crypto solutions.

This relationship has fostered various collaborations, including Hex Trust’s involvement in a consortium alongside Ripple and Fubon Bank. This consortium was part of the Hong Kong Monetary Authority’s e-HKD Pilot Programme in November 2023, demonstrating the settlement of tokenised assets.

Featured image credit: Edited from Freepik