April 2024: Crypto Momentum

April 2024: Crypto Momentum

May 7, 2024

April proved to be a momentous month for the cryptocurrency industry. From Bitcoin's fourth halving event that highlighted the importance of scarcity and inflation control, to the fast-tracked approval of crypto ETFs in Hong Kong. 

During this period of continued momentum and market maturity, Hex Trust progressed with partnerships, product enhancements and participated at the industry’s biggest events. 

Collaborating with Wultra, Hex Trust developed an advanced authentication solution tailored to the specific needs of the crypto sector, thereby enhancing security for transactions and accounts. Demonstrating our commitment to innovation, Hex Trust supported the Xion project by contributing to its additional $25 million funding. Our collaboration with OpenEden resulted in the introduction of the $TBILL token to meet the increasing demand for institutional-grade tokenized assets. 

Hex Trust participated in headline industry events throughout Europe, the Middle East and Asia. From engaging in insightful panel discussions at Paris Blockchain Week, Token2049 and the Web3 Festival, to hosting networking sessions and fireside chats alongside our esteemed partners to opine on market trends and the future of Web3 technologies.  

We continued to enhance our product offerings by expanding asset support and implementing advanced security features across the Hex Safe platform.

Continuing our commitment to ESG initiatives, the Hex Trust team headed to the beach, refuse sacks in-hand, to complete a beach clean-up in Stanley, Hong Kong. 

Let’s dive into the details.

In the Media

Media Spotlight - Hong Kong approves Bitcoin and Ether ETFs and spurs hope more is coming

DL News interviewed Hex Trust's CEO, Alessio Quaglini, following the approval of Bitcoin and Ethereum ETFs in Hong Kong. This is a milestone moment for the City. It not only validates Bitcoin's legitimacy, but positions Hong Kong as a frontrunner in the digital asset race. Alessio shared his insight on the significance of this approval, what it means for local investors and the effect it’s likely to have across other Asian jurisdictions. 

As a leading financial center and gateway for Chinese investment, Hong Kong's embrace of crypto could unlock billions in potential demand, particularly with the Southbound Stock Connect program offering access to mainland Chinese investors. While the official stance on mainland investor participation remains unclear, China's recent interest in alternative assets, like gold, suggests a potential appetite for Bitcoin exposure.

The in-kind creation model for these ETFs, unlike the cash-settled model in the US, presents a unique opportunity. By allowing investors to directly contribute Bitcoin, instead of cash to the ETF, Hong Kong could attract even more buying pressure for the cryptocurrency.

Read the full article here

Partnerships

Hex Trust Teams Up with Wultra for Crypto-Specific Solutions

Hex Trust has successfully collaborated with Wultra, to deliver an efficient, crypto-specific authentication solution for Hong Kong's financial industry. The integration of Wultra's Mobile Token app has facilitated the launch of Hex Trust's Hex Safe mobile app, ensuring seamless authentication while meeting compliance and regulatory standards. This collaboration enhances the user experience and reinforces trust in decentralized markets.

Hex Trust Supports Xion with $25M Funding 

Hex Trust proudly supports Xion as they secure an additional $25M in funding. This collaborative effort aims to revolutionize the digital asset landscape and foster widespread consumer adoption. We look forward to the possibilities this partnership holds. Congratulations to Xion on this milestone achievement!

Introducing the $TBILL Token: Hex Trust Collaborates with OpenEden

Hex Trust has recently announced our partnership with OpenEden to introduce the $TBILL token. Through this collaboration, institutional clients will be able to mint $TBILL tokens directly through the OpenEden $TBILL Vault and securely store them with Hex Trust. The $TBILL token, exclusively issued by OpenEden's $TBILL Vault, provides a regulated and secure way to access the U.S. risk-free rate on the blockchain. This partnership highlights the increasing demand for institutional-grade tokenized assets in the crypto-native community, with Hex Trust focusing on secure custody solutions for these tokens.

Read more about our partnership here

Events and Team Updates 

Insights during Web3 Festival: Exploring the Crypto Market Trends

Hex Trust and Talos jointly hosted a fireside chat during the Web3 Festival in Hong Kong. Esteemed panelists Edward Zhao (Head of Markets at Hex Trust), Chris Brewer (COO at Infinity Exchange), Sean Lawrence (Head of APAC at Kaiko), and Neelabh Dixit (Commercial Product Manager at Talos), along with moderator Yvonne Kua (Head of Marketing at Hex Trust), discussed significant trends shaping the crypto market rally. The topics covered included the transformative impact of Spot Bitcoin ETFs, analysis of Bitcoin-specific catalysts and associated risks, the role of macroeconomics in market dynamics, market performance during volatility, caution regarding potential liquidations, the importance of increased capital inflow, and the potential effects of the upcoming Bitcoin Halving event and reduced volatility on price movements.

Web3’s Future: Alessio Discusses Trust and Transparency at Paris Blockchain Week 

Hex Trust's CEO, Alessio Quaglini, was invited to appear at Paris Blockchain Week to share his views and insight on the future of Web3 technologies and their impact on trust, transparency, and user empowerment. 

Alongside industry experts, Ran Hammer, Joshua Siegel, Nicolas Vaiman, and Silvina Moschini, Alessio and fellow panelists shared their views on the importance of balancing user empowerment and security, integrating decentralized execution with traditional finance, and emphasizing trust, transparency, and accountability in Web3 applications. 

Web3 Networking Drinks: Hex Trust, Kiln, and Babylon Unite Industry Professionals in Hong Kong

During the Web3 Festival in Hong Kong, Hex Trust, Kiln, and Babylon collaborated to host a highly successful side event. This gathering attracted a diverse range of industry professionals, fostering a dynamic networking environment for collaboration, connection, and knowledge exchange. The event showcased the strong partnership and combined efforts of Hex Trust, Kiln, and Babylon in bringing together key players from the industry and nurturing impactful interactions throughout the festival.

Hex Trust Engages at Token2049 Dubai

Now considered one of the industry’s premier crypto events, Hex Trust’s team traveled to Dubai for Token2049. The conference served as a hub for visionary investors, innovators, and industry leaders with a common drive for innovation and a collective mission to make a lasting impact on this fast-paced ecosystem.

Alongside RAK Digital Assets Oasis, ICP Hub UAE, and NewTribe Capital, Hex Trust co-hosted an impactful side event that drew over 200 guests.

Hex Trust Team's Beach Clean-up Initiative

The Hex Trust team recently joined a beach clean-up initiative held at Stanley Beach in Hong Kong, showcasing our teamwork, enthusiasm, and dedication to creating a positive impact in the local community. In June, the team is scheduled to participate in the Food Angel initiative, further showcasing our continued commitment to  ESG goals.

Insights

The Evolving Landscape of Finance: The Role of Ethereum ETFs

Ethereum ETFs have emerged as a significant development in bridging the gap between cryptocurrency innovation and traditional finance structures. This integration of digital assets into regulated markets marks a pivotal moment in the evolving landscape of finance. By offering a regulated and accessible means of investing in Ethereum, these ETFs are expanding the scope of traditional investment portfolios while contributing to the maturation and stability of the cryptocurrency market. 

Hong Kong’s launch of both Bitcoin and  Ethereum ETFs on April 30, signifies a growing acceptance of cryptocurrencies as legitimate asset classes within regulated financial systems. This development has the potential to attract a broader range of institutional and retail investors, propelling the growth of the cryptocurrency market and fostering further innovation in financial products and services. 

As the journey of Ethereum ETFs unfolds, the interconnection between digital and traditional assets continues to deepen, opening up new possibilities for investors and reshaping the global financial ecosystem.

Read more about the role of Ethereum ETFs in the evolving landscape of finance here

Product Updates: April 2024 

Hex Trust has introduced a suite of new features and expanded asset support for the Hex Safe 2 platform, aimed at improving the user experience for our clients.

Improved Client Onboarding and Transaction Processes

  • Comprehensive Onboarding Emails: Clients now receive detailed instructions for setting up the Hex Safe Mobile App and configuring 2FA with Google Authenticator.
  • Transaction Confirmation Emails: Enhanced communication with emails confirming successful deposits and withdrawals.

Advanced Security Features

  • Scam NFT Detection: An automated system to detect and blacklist NFT collections identified as scams.
  • Manual NFT Flagging: Clients can now manually flag suspicious NFTs, which leads to the hiding of the entire collection for the enterprise.

Expanded Asset Support

  • New Tokens: The platform now supports additional ERC-20 tokens including $TBILL, $MYTH, and $AXL.

Blockchain Integration and Token Expansion

  • New Blockchain Integrations: Algorand, Terra, and Tezos blockchains are now integrated, enabling deposits and withdrawals (limited to warm wallets).
  • Additional Tokens Supported: The updated token lineup now includes $ALGO, $LUNA, $XTZ, $USDY, $ONDO, $PENDLE, $LDO, and $ETHFI.

For further information and assistance, contact our support team at support@hextrust.com.

We look forward to bringing you more updates in the future.

— The Hex Trust Team

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