Hex Trust, a leading fully-licensed digital asset custody and markets services provider, has announced its partnership with the Stacks Asia Foundation. This collaboration will see Hex Trust integrate support for the Stacks layer and all Stacks-based assets onto its custody platform. The partnership will also involve Hex Trust running its own Stacks Signer, joining a roster of top industry names, and offering Stacking services. Additionally, Hex Trust plans to implement on-ramps for Stacks DeFi applications once WalletConnect support is ready.
This strategic move by Hex Trust aims to enhance the financial utility of Bitcoin for its institutional clients. By integrating Stacks, Hex Trust will enable its clients to access the growing Bitcoin DeFi ecosystem and its various applications. The partnership will also facilitate easier access to Stacks-based assets for institutional investors in the region.
Kyle Ellicott, Executive Director at the Stacks Asia Foundation, expressed his enthusiasm about the partnership, stating that Hex Trust’s support for Stacks unlocks ample opportunities for institutional investors in the region. He highlighted Hex Trust’s position as a long-time industry-leading custodian throughout greater Asia and the Middle East, recognizing its vital role in expanding the Stacks Ecosystem into the world’s most transformative markets.
Calvin Shen, Chief Commercial Officer at Hex Trust, added that the partnership with the Stacks Asia Foundation is a strategic move to enhance the financial utility of Bitcoin for their institutional clients. He emphasized Hex Trust’s commitment to providing innovative solutions and services to meet the evolving needs of its clients.
The initial step in the integration process will involve supporting SIP-010, the Stacks standard for fungible tokens. This will enable easier tracking and transfer of tokens across various applications, further enhancing the utility of the Stacks ecosystem.
With over $5 billion in assets under custody and a client base of 300+ institutions, Hex Trust’s backing of Stacks signifies growing institutional adoption of the Stacks blockchain in Asia and worldwide. This partnership marks a significant milestone for both Hex Trust and the Stacks ecosystem, opening up new avenues for growth and innovation in the Bitcoin DeFi space.
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