This collaboration will support the Stacks layer and all Stacks-based assets on its custody platform.
Author: Hex Trust
Compiled by: Deep Tide TechFlow
Hex Trust, as a leading licensed digital asset custody and market service provider, announced a partnership with the Stacks Asia Foundation. This collaboration will support the Stacks layer and all Stacks-based assets on its custody platform. Hex Trust will also operate its own Stacks Signer, joining the ranks of industry-leading companies and providing Stacking services. Additionally, there are plans to introduce funding channels for Stacks DeFi applications once WalletConnect support is in place. Initial plans include supporting SIP-010, which is the standard for creating and managing fungible tokens on the Stacks blockchain, enabling easy transfer, tracking, and usage across different applications.
This integration aligns with Hex Trust's strong market position in Asia and the Middle East, as the company holds regulatory licenses in Hong Kong, Singapore (IPA), and Dubai, complementing the recently established Stacks Asia Foundation. This partnership is also an important milestone for Hex Trust's entry into the rapidly growing Bitcoin Layer-2 ecosystem.
Hex Trust manages over $5 billion in assets and has more than 300 institutional clients, including well-known institutions from both Web2 and Web3. Hex Trust's support for Stacks highlights the increasing institutional adoption and accessibility of the Stacks blockchain in the Asian market and globally.
Kyle Ellicott, Executive Director of the Stacks Asia Foundation, stated, "Hex Trust's support for Stacks creates abundant opportunities for institutional investors in the region. As a long-standing leading custodian in Greater Asia and the Middle East, Hex Trust provides a crucial channel for the Stacks ecosystem to further expand in the world's most transformative markets."
Calvin Shen, Chief Business Officer of Hex Trust, added, "Our collaboration with the Stacks Asia Foundation aims to enhance our institutional clients' capabilities in the Bitcoin financial space. This strategic move allows us to support Stacks and its rapidly growing developer ecosystem globally, helping its protocol expand into new markets."
Hex Trust is the first of a series of partners announced by the Stacks Foundation during its "Best and the Brightest" event. This event brought together leaders from various categories in the Bitcoin space who support sBTC, the long-awaited fully programmable Bitcoin solution from Stacks. For the latest updates on the "Best and the Brightest" collaboration, please follow @StacksOrg on X.
About Hex Trust
Founded in 2018, Hex Trust focuses on providing regulated institutional-grade digital asset custody, staking, and market services for developers, investors, and service providers. We offer a comprehensive, secure, and compliant service suite based on our proprietary fully integrated infrastructure. For more details, please visit Hextrust.com or follow us on LinkedIn, X, and Telegram.
Disclaimer: The products or services mentioned in this article are subject to legal and regulatory requirements in applicable regions and may not be available in all areas or to all persons.
About Stacks
Stacks is a Bitcoin Layer-2 protocol that enables smart contracts and decentralized applications to use Bitcoin as a secure base layer. The upcoming Nakamoto and sBTC releases in 2024 will achieve faster speeds and transactions fully supported by Bitcoin finality. Stacks is currently the leading Bitcoin Layer-2 protocol in terms of developer activity and market capitalization, aiming to transform Bitcoin and its $500 billion of passive capital into fully programmable productive assets. As the "fuel" on the Layer-2 protocol, the Stacks (STX) token is the first token to receive SEC certification for sale in the United States. The project achieved clear decentralization at the launch of its mainnet in 2021. Currently, there are over 30 contributing entities in the Stacks ecosystem, including the nonprofit Stacks Foundation, developer tool companies Hiro, Xverse, Trust Machines, Mechanism, Bitcoin L2 Labs, ALEX, Bitcoin Frontier Fund, and others.
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