Cryptocurrency custodian Hex Trust has partnered with Monad Labs to become the first custodian to offer custody services on the Monad Layer-1 network.
According to a press release seen by crypto.news, Hong Kong-based cryptocurrency custody provider Hex Trust has partnered with blockchain developer Monad Labs to provide these services to the Monad ecosystem.
The blockchain developer said the collaboration represents a “significant milestone” as Hex Trust becomes “the first custodian to support asset custody on the Monad blockchain.” Joey Anthony, head of business development at Monad Labs, said in a statement that the company chose the Hong Kong-based custodian because of its significant presence in the APAC and MENA regions.
“Hex Trust has solidified its position as a leading custodian in APAC and MENA and is rapidly innovating in the custody space, making it a key provider for asset custody on the Monad blockchain.”
Joey Anthony
Founded in 2022 by Keone Hon, James Hunsaker, and Eunice Giarta, Monad is a layer 1 network that leverages the Ethereum Virtual Machine (EVM) to implement parallelism, more efficient processing, and immediate block finality.
In April, Monad Labs secured a $225 million funding round led by Paradigm to double down on Layer 1 development that will improve transaction speeds and lower fees compared to Ethereum. Speaking of blockchain, Monad Labs is also apparently developing its own token called mon, according to technical documentation released in September 2023.
Although references to the token have since been removed, it is known that the token will be used for transaction payments within the blockchain ecosystem.