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Hex Trust Launches Licensed Custody Service for Non-Fungible Tokens
With NFT collectibles now fetching prices in the millions of dollars, the firm said owners need a custody service.
Digital asset custodian Hex Trust has launched a secure way of storing valuable non-fungible tokens (NFTs).
STORY CONTINUES BELOW
- In an announcement Wednesday, Hex Trust, which is licensed as a trust company in Hong Kong, said its NFT Safe service provides custody support to NFT collectors and investors within its Hex Safe platform.
- NFTs, digital tokens widely used for collectibles such as art, are soaring in popularity, with prices recently reaching into the millions of dollars for rare or desirable items.
- Thus, Hex, which says NFT Safe is a "world first" service, believes it has become important to provide collectors and institutions with safe custody of valuable NFT assets.
- The Hex Safe platform supports NFTs from multiple blockchain platforms, including Ethereum and its ERC-721 and ERC-1155 token standards.
- “Given the demand and market growth [of NFTs], Hex Trust is fully committed to focus on this sector and stay at the forefront of industry developments,” said Alessio Quaglini, CEO of Hex Trust.
Read more: Top Auction House Christie’s to Accept Ether Cryptocurrency for Digital Art Sale
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
