hex trust Archives - Coin Engineer https://coinengineer.net/blog/tag/hex-trust/ Btc, Coins, Pre-Sale, DeFi, NFT Wed, 24 Jul 2024 09:17:16 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://coinengineer.net/blog/wp-content/uploads/2024/04/cropped-Coin-Engineer-Logo-Favicon-2-32x32.png hex trust Archives - Coin Engineer https://coinengineer.net/blog/tag/hex-trust/ 32 32 Hex Trust Gets MPI License Approval in Singapore https://coinengineer.net/blog/hex-trust-gets-mpi-license-approval-in-singapore/ https://coinengineer.net/blog/hex-trust-gets-mpi-license-approval-in-singapore/#respond Wed, 24 Jul 2024 13:00:48 +0000 https://coinengineer.io/?p=25709 Seeking to grow in Singapore, Hex Trust, an institutional crypto custodian, has in-principal permission for a Major Payment Institution (MPI) license. The company announced in a statement that the Monetary Authority of Singapore has given them preliminary permission for the MPI license, therefore enabling the company to provide “digital payment token services,” namely the custody

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]]> Seeking to grow in Singapore, Hex Trust, an institutional crypto custodian, has in-principal permission for a Major Payment Institution (MPI) license.

The company announced in a statement that the Monetary Authority of Singapore has given them preliminary permission for the MPI license, therefore enabling the company to provide “digital payment token services,” namely the custody and OTC trading of DPTs, in Singapore.

“We are delighted to increase our visibility in Singapore—a vibrant hub for fintech innovation renowned for its outstanding regulatory framework,” said Hex Trust co-founder and CEO Alessio Quaglini.

The most recent compliance update for Singapore shows the business acquiring a November 2023 complete Virtual Asset Service Provider license from Dubai. In 2020, Hex Trust opened an office in Singapore in order to “unlock new capabilities for Singapore-based institutional and corporate clients.”

In its Series B investment round in 2022, Hex Trust raised $88 million; in August 2023, it obtained regulatory clearance in France to provide services including digital asset custody, buying, selling, and trading.

 

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]]> https://coinengineer.net/blog/hex-trust-gets-mpi-license-approval-in-singapore/feed/ 0 Hex Trust Releases First Native Stablecoin on Flare Blockchain https://coinengineer.net/blog/hex-trust-releases-first-native-stablecoin-on-flare-blockchain/ https://coinengineer.net/blog/hex-trust-releases-first-native-stablecoin-on-flare-blockchain/#respond Tue, 21 May 2024 12:00:12 +0000 https://coinengineer.io/?p=20980 Hong Kong-based crypto custody provider Hex Trust Group has launched a new stablecoin called USDX on the Layer-1 blockchain Flare, according to a press release. USDX became the first native stablecoin to launch on Flare, and this development comes at a time when the blockchain is preparing for a surge in decentralized finance (DeFi) activity.

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]]> Hong Kong-based crypto custody provider Hex Trust Group has launched a new stablecoin called USDX on the Layer-1 blockchain Flare, according to a press release. USDX became the first native stablecoin to launch on Flare, and this development comes at a time when the blockchain is preparing for a surge in decentralized finance (DeFi) activity. USDX can be used in lending protocols and exchanges, as well as staking into a private pool called T-Pool created by Clearpool.

Those who stake USDX will receive cUSDX in return, and this token can be used as collateral in DeFi protocols. As stated in the press release, the stablecoin is backed at a 1:1 ratio against US dollars or assets of equivalent value.

Hugo Philion, co-founder of Flare, stated that the collaboration between USDX and Clearpool offers “a 1:1-backed stable asset with instant access to real-world returns.” Philion stated that this will be especially useful for FAsset agents who keep their stablecoins locked in the system. Hex Trust CEO Alessio Quaglini stated that the launch of USDX will “reduce cryptocurrency market volatility” and “make transactions even easier.”

Flare raised $35 million in February from investors including Kenetic and Aves Lair. According to DefiLlama, the blockchain currently has a total locked value of $8 million.

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