February 2024: A Cryptocurrency Milestone

February 2024: A Cryptocurrency Milestone

March 6, 2024

Bitcoin has surged to a new all-time high, surpassing $69,000 before experiencing some fluctuations. Currently trading around $66,161, the cryptocurrency has seen a remarkable increase of over 50% in the last month. This surge can be attributed to major US finance giants like Blackrock, Fidelity, and Grayscale investing billions of dollars in Bitcoin, leading to a rapid increase in its value. The approval of spot Bitcoin Exchange-Traded Funds (ETFs) by US regulators has facilitated the entry of institutional investors into the market.

Despite the optimism surrounding Bitcoin's potential for setting new records, finance professor Carol Alexander warns about its volatility and the possibility of price crashes. This milestone marks a significant shift in Bitcoin's history, as it moves away from its anti-establishment origins.

Investors are increasingly optimistic about Bitcoin's future, driven in part by the introduction of ETFs, which have made the asset class more accessible to institutional investors. Additionally, the upcoming halving event, expected next month, is anticipated to create favorable conditions for a potential market rally. As Bitcoin's demand continues to rise, its supply is becoming scarcer. In February, US spot Bitcoin ETFs saw average daily inflows of $195 million, while daily Bitcoin production stands at around 900 coins, equivalent to approximately $54 million at a price of $60,000. The halving event, which reduces the mining reward, will further limit the supply of Bitcoin.

Announcements 

Moving on from BTC news, for this month's recap, Hex Trust has made several announcements and updates. We've launched institutional custody and staking services for DYM, the native token of Dymension, and joined Injective as a validator, reinforcing network security. Hex Trust has also introduced an all-in-one staking service for TIA token holders in the Celestia ecosystem. Product-wise, we've expanded custody and staking support for INJ and DYM tokens, added new tokens to our selection, and implemented a new API feature. The company appointed global financial market veterans Dr. Dimitrios Kavvathas and Marty Jetton to its Advisory Board. And in an exclusive interview with DL News, our CEO, Alessio Quaglini, spoke about the need for comprehensive regulations tailored specifically for crypto custodians in Hong Kong,  These developments showcase Hex Trust's proactive approach to innovation, strategic partnerships, and regulatory engagement, positioning us as a key player in the digital asset ecosystem.

Hex Trust Expands Services with Institutional Custody and Staking For Dymension

In early February, Hex Trust announced its institutional custody and staking services for DYM, the native token of Dymension. Dymension is a multi-layer blockchain protocol that allows developers to create high-performance application-specific blockchains called RollApps, resulting in faster transactions, lower fees, and improved security. Hex Trust has secured a spot among the top 5 validators for Dymension, showcasing its commitment to network security. This integration with Dymension is Hex Trust's fifth partnership within the Cosmos ecosystem, further expanding its comprehensive custody and staking services. By offering secure storage and active participation in staking, Hex Trust promotes institutional engagement within the Dymension ecosystem. For more information, interested parties can contact the Hex Trust team at enquiries(at)hextrust.com.

Read more about our partnership here

Hex Trust Joins Injective as Validator, Strengthening Network Security

Hex Trust joined Injective as a validator, reinforcing the security of Injective's proof-of-stake (PoS) network. Injective is a layer-one blockchain designed for finance and decentralized finance (DeFi) applications. Hex Trust will facilitate institutional access to the Injective network, and enhance the network's security by validating transactions and blocks. This collaboration builds a diverse digital asset ecosystem in which Hex Trust's comprehensive custody and staking services ensure secure storage and active participation for institutional clients.

Read more about our partnership here.

All-in-One Staking Service for TIA Token Holders 

Hex Trust will offer an all-in-one staking service for TIA token holders. As a trusted validator in the Celestia ecosystem, Hex Trust is providing both existing clients and new investors with the opportunity to enjoy complimentary custody for their TIA tokens directly from the Hex Trust platform. The platform offers a user-friendly interface and prioritizes the security of your assets by implementing rigorous security measures. By participating in custodial staking with Hex Trust, you have the potential to earn attractive yearly rewards of approximately 18%. The Free Custody campaign eliminates setup and custody fees throughout the staking period, allowing you to maximize returns without incurring additional expenses. To be eligible for this offer, users need to delegate 300,000 TIA to the Hex Technologies validator and maintain a staking commitment for a minimum of 6 months.

For more information, click here or contact the Hex Trust team at enquiries(at)hextrust.com.

Advisory Board Update 

Hex Trust Announces New Appointments to Advisory Board

Hex Trust announced the appointment of Dr. Dimitrios Kavvathas and Marty Jetton to its Advisory Board. Dr. Kavvathas brings over 20 years’ experience in global financial markets, having held senior positions at Goldman Sachs. Marty Jetton, a veteran in traditional finance and blockchain, transitions to the Advisory Board from his previous role as Chief Network Officer and COO at Hex Trust. Their expertise in finance, investment, and risk management will contribute to Hex Trust's vision for the future of digital assets.

Learn more about our new advisors here

Product Updates: February 2024 

In February, Hex Trust implemented key product updates to better serve institutional clients. They introduced custody and staking support for Injective (INJ) and Dymension (DYM) tokens, enabling secure storage and the opportunity to earn rewards. A new API feature was also introduced, allowing authorized users to create up to 1000 wallets quickly and efficiently. Hex Trust expanded its token offerings by adding STRK, BCUT, DUEL, ISME, and P

Users can reach out to the support team at support@hextrust.com for further information and assistance.

Read more about last month’s product updates here.

Alessio Advocates for Regulatory Clarity in HK’s Crypto Custodian Space 

In a recent interview with DL News, Hex Trust CEO Alessio Quaglini highlighted the need for regulatory clarity regarding crypto custodians in Hong Kong. Alessio emphasized the importance of separating custodian services from exchanges, stating that exchanges should focus on their primary function as trading platforms rather than handling clients' funds. This call for dedicated regulations for custodians aligns with global trends and aims to enhance the integrity and security of the crypto industry in Hong Kong.

Read the full interview here. 

Till next time. 

The Hex Trust team

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