Crypto custodian Hex Trust has partnered with Monad Labs to become the first custodian to offer custody services for the Monad layer-1 network.
Hong Kong-based crypto custodian Hex Trust has partnered with blockchain developer Monad Labs to offer such services for the Monad ecosystem, according to a press release seen by crypto.news.
The blockchain developer says the partnership marks an “important milestone” as Hex Trust becomes the “first custodian to support the custody of assets on the Monad blockchain.” Commenting on the news, Joey Anthony, head of business development at Monad Labs, said the company decided to select the Hong Kong-headquartered custodian for its key role in the APAC and MENA regions.
“Hex Trust’s positioning as a leading custodian in APAC and MENA, and rapid innovation in custody, makes them a key provider for asset custody on the Monad blockchain.”
Joey Anthony
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Founded in 2022 by Keone Hon, James Hunsaker, and Eunice Giarta, Monad is a layer-1 network that uses Ethereum Virtual Machine (EVM) to implement parallelization to enable more efficient processing and instantaneous block finality.
In April, Monad Labs secured a $225 million funding round led by Paradigm to double down on the development of its layer-1, which would improve transaction speeds and reduce costs compared to Ethereum. For its blockchain, Monad Labs also appears to be working on its own token, called mon, according to technical documents unveiled in September 2023.
Although subsequent mentions of the token have been removed, it is believed that the token will be used within the blockchain ecosystem for transactional payments.
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