The Hex Trust Group, a Hong Kong-based provider of digital asset solutions, has partnered Monad Labs, a global developer-forward smart contract platform, to offer custody support for the Monad Blockchain.

Hex Trust said in a statement on Wednesday that it has inked a strategic partnership with Monad Labs.

It said this collaboration marks a significant milestone as Hex Trust becomes the first custodian that will offer support for the custody of assets on the Monad blockchain.

It is noted that as the digital asset ecosystem continues to evolve, the need for secure and compliant custody solutions is paramount.

By integrating custody support for Monad, Hex Trust’s clients will benefit from the enhanced security and innovative technology that Monad’s blockchain offers.

“Monad Labs is a revolutionary platform that is pioneering a new era in decentralized computing, enabling developers and users to fully harness the potential of blockchain technology,

“As the first custodian to commit to supporting 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,” said Calvin Shen, Managing Director at Hex Trust.

Monad Labs is a high-throughput, Ethereum-compatible layer-1 blockchain, renowned for its robust technology and exceptional scalability.

It is is pioneering a new kind of Ethereum Virtual Machine (EVM) built from the ground up, implementing parallelization to enable more efficient processing and instant block finality.

Unlike traditional methods that execute processes consecutively, Monad’s innovative approach allows simultaneous operations, significantly enhancing performance.

“Partnering with Hex Trust is a significant step forward for Monad Labs,” said Joey Anthony, Business Development Lead.

“Hex Trust’s positioning as a leading custodian in Asia Pacific (APAC) and Middle East and North Africa (MENA), and 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,” he added.

In April 2024, Monad Labs closed a $225 million funding round led by Paradigm.

The funds raised will support the development of its Ethereum Virtual Machine (EVM)-compatible layer-1 which will improve transaction speeds and reduce fees compared to Ethereum.

This funding milestone provides Monad with the resources to scale their team and to bring the test version of its blockchain into production.

Established in 2018, Hex Trust is a fully licensed digital asset custodian dedicated to providing services for protocols, foundations, financial institutions, and the Web3 ecosystem. Get access to custody, DeFi, brokerage, and other services built on regulated infrastructure.

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