The worldwide developer-forward smart contract platform Monad Labs and the Hong Kong-based digital asset solutions provider Hex Trust Group have teamed up to provide custody support for the Monad Blockchain.
Hex Trust and Monad Labs have signed a strategic relationship, the company announced in a statement on Wednesday.
It was stated that Hex Trust is the first custodian to provide support for the custody of assets on the Monad blockchain, making this partnership a noteworthy milestone.
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Hex Trust’s clients will profit from the improved security and cutting-edge technology that Monad’s blockchain provides by including custody support for Monad.It is mentioned that the requirement for safe and legal custody solutions is growing as the ecosystem surrounding digital assets develops.
“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.
Renowned for its strong technology and remarkable scalability, Monad Labs is a layer-1 blockchain that operates at high throughput and is compatible with Ethereum.
It is a cutting-edge, entirely new type of Ethereum Virtual Machine (EVM), utilizing parallelization to allow for faster processing and immediate block finality.
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In contrast to conventional techniques that carry out procedures one after the other, Monad’s novel methodology enables concurrent operations, greatly improving efficiency.
“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.
The money raised will go toward developing a layer-1 compatible with the Ethereum Virtual Machine (EVM), which will speed up transactions and save costs as compared to Ethereum.
Hex Trust is a fully licensed digital asset custodian that was founded in 2018 with the goal of serving financial institutions, protocols, foundations, and the Web3 ecosystem. Obtain access to brokerage, custody, DeFi, and additional services based on regulated infrastructure.
About HEX TRUST
Hex Trust offers solutions for financial institutions, foundations, protocols, and the Web3 ecosystem. It is a fully licensed custodian of digital assets.
About MONAD LABS
Monad Labs accelerates Ethereum Virtual Machine so decentralized apps can consume the globe. Over 96% of DeFi capital is in EVM apps, the web3 standard.
