Hex Trust to support Ripple’s XRP

Rick Steves

“The XRPL offers developers a robust foundation for executing complex projects while maintaining its streamlined and efficient feature set. Our existing partnership with Ripple opens new doors for our clients to innovate, grow, and lead in their respective domains.”

Hex Trust has announced its integration with the XRP Ledger (XRPL), the decentralized blockchain network most famous for its native digital asset, XRP, and its key contributor, Ripple, which has been invaluable to XRPL technology upgrades.

This collaboration enables the leading institutional-grade digital asset’s core custody platform, Hex Safe, to support XRP and NFTs through the XLS-20 token standard.

Hex Trust is a leading digital asset custodian

Hex Trust recently obtained DASP registration in France ahead of the implementation of the EU’s MiCA regulation later this year. With the authorization, the firm is allowed to provide digital asset custody, the purchase/sale of digital assets for legal tender, and the trading of digital assets against other digital assets.

Hex Trust opened its first European office in Milan (Italy) in May 2022 and successfully completed its registration with the Italian Virtual Asset Services Provider (VASP) registry of Organismo Agenti e Mediatori (OAM) in June 2022.

In late 2023, Hex Trust secured a full VASP license from Dubai’s digital asset regulator VARA. With offices in Hong Kong, Singapore, Vietnam, Dubai, France, and Italy, Hex Trust is led by banking technologists and financial services experts. The company’s proprietary platform, Hex Safe, offers solutions for digital asset protocols, foundations, financial institutions, and the Web3 ecosystem.

The company has been a key partner for some of the leading digital brokerages in the business, including GCEX. The two have been partners for nearly three years and have recently expanded their collaboration with the addition of staking services.

Hex Trust is unrelated to Hex, founded by Richard Heart, who is being charged with fraud and unregistered securities offerings in the United States.

Hex Trust working with Ripple

XRPL is a decentralized Layer 1 blockchain that plays a significant role in the settlement and liquidity of tokenized assets due to its speed, energy efficiency, low transaction costs, reliability, and network.

Established in June 2012, the XRPL uses a Proof-of-Association Consensus Algorithm, ensuring fast, secure, and sustainable transactions. This technology is widely used for payments, tokenization, gaming, asset custody, NFTs, and DeFi.

Hex Trust’s relationship with Ripple includes collaborations and joint engagements in the digital asset industry. In November 2023, Hex Trust joined Ripple and Fubon Bank in a project under the Hong Kong Monetary Authority’s e-HKD Pilot Programme, showcasing the settlement of tokenized assets.

The integration with XRPL reflects Hex Trust’s commitment to innovation in blockchain technology and digital asset management. Hex Trust, established in 2018, provides regulated infrastructure-based solutions for protocols, foundations, financial institutions, and the Web3 ecosystem.

Giorgia Pellizzari, Head of Custody at Hex Trust, said: “The XRPL offers developers a robust foundation for executing complex projects while maintaining its streamlined and efficient feature set. Our existing partnership with Ripple opens new doors for our clients to innovate, grow, and lead in their respective domains.”

The XRP Ledger, serving as a decentralized public blockchain for businesses, is managed by a global community including software engineers, server operators, and businesses. This community focuses on solving real-world problems and creating value.

  • Read this next

    Inside View, Uncategorized

    Why retail brokers are launching prime services

    Insights are provided by leading industry experts, including Elina Pedersen, Co-CEO & CRO of Your Bourse; Andrew Saks, Chief Product Officer at TraderEvolution; Natalia Zakharova, Head of Business Development at FXOpen; and Jay Mawji, CEO of Infinox.

    Institutional FX

    Cboe to launch MSCI-based options and volatility indices

    “We are excited to expand our Cboe-MSCI toolkit with additional index options and volatility indices – an enhancement that will not only broaden our customers’ product choice, but also enrich the ways they interact with and analyze the global markets.”


    Traxys taps Quantifi for risk management in commodities trading

    “We wanted to take a more sophisticated approach to risk management and have a consolidated view of risk exposures across our global operating model. Quantifi was our preferred choice as it has a track record of success in the commodities markets.”

    Digital Assets

    Startale Labs Secures Funding for Web3 Expansion

    Startale Labs, a leader in Japan’s Web3 development, including Astar Network and Startale Web3 Cloud, has raised an additional $3.5m from UOB Venture Management and Samsung Next. This seed extension round boosts their total seed funding to $7m, following a $3.5m investment from Sony Network Communications in June 2023.

    Retail FX

    XS.com acquires South African broker Ubutyebi Financial Services

    XS.com, the multi-regulated financial services provider, has made a strategic move to expand its presence in Africa by acquiring Ubutyebi Financial Services, a licensed Financial Service Provider (FSP) in South Africa regulated by the Financial Sector Conduct Authority (FSCA).

    Digital Assets

    Hong Kong advances legislation on stablecoins and crypto trading

    Hong Kong is moving forward with legislation to regulate stablecoins and crypto over-the-counter (OTC) trading in the latest effort to develop a legal framework to service the city’s digital-asset industry.

    Digital Assets

    Do Kwon to be extradited to US as South Korea request overturned

    Terraform Labs co-founder Do Kwon is set to be extradited to the United States to face fraud charges related to massive losses suffered by U.S. investors due to its algorithmic stablecoin collapse.

    Retail FX

    Prop firm Instant Funding pauses US accounts, citing ThinkMarkets ban

    Proprietary trading firm Instant Funding has become the latest retail platform to halt onboarding new US clients, citing a recent decision by their partner broker, ThinkMarkets.

    Retail FX

    Funded Trader and Alpha Capital switch to cTrader, Lark Funding to DXTrade

    Proprietary trading firms Lark Funding and Alpha Capital have both announced changes to their operations that mainly affect their business with US clients.