Cryptocurrency custody firm Hex Trust has recently announced its integration with the XRP Ledger (XRPL), aiming to improve its crypto custody services. This collaboration will enable Hex Trust to offer its users access to the XLS-20 token standard, XRP, and Ripple’s NFTs, thus bolstering the company’s support for the XRPL ecosystem and opening new opportunities within the decentralized finance (DeFi) sector.
The integration with XRPL, a prominent decentralized blockchain network, allows Hex Trust to capitalize on XRPL’s efficiency and scalability. XRPL is known for its quick transaction times of 3-5 seconds and minimal fees, making it an attractive platform for tokenization and liquidity.
Hex Trust’s clients will benefit from the integration by gaining seamless access to XRP and Ripple’s NFTs. The use of the XLS-20 token standard will also enable Hex Trust to broaden its NFT support, offering users new digital asset opportunities.
A notable feature of XRPL is its Proof of Association (PoA) consensus mechanism, which achieves rapid consensus on transactions and is supported by over 100 validators. Hex Trust’s integration through its Hex Safe custody platform showcases the company’s leadership in adopting advanced blockchain solutions and its commitment to supporting XRPL users.
This partnership with XRPL is not Hex Trust’s first collaboration with Ripple. Hex Trust actively participates in Ripple’s technology upgrades and joint ventures, reflecting its dedication to promoting the adoption of tokenized assets, as evidenced by its involvement in the Hong Kong Monetary Authority’s e-HKD Pilot Program.