Hex Trust Integrates Tezos & Supports Staking/Baking

Hex Trust Integrates Tezos & Supports Staking/Baking

July 23, 2020

Hex Trust has announced that we have fully integrated the Tezos blockchain into our custody platform — Hex Safe. The integration allows Hex Trust to provide full banking-grade custody for the Tezos blockchain and its native XTZ token, as well as any Security Tokens projects built on the protocol.

Hex Trust has also integrated staking/baking functionalities within the secure custody of the Hex Safe platform. As part of the integration, we can now support our clients’ staking (known as delegating in Tezos) either through Hex Trust operated Baker nodes or any other Baker of their choice.

Tezos Staking/Baking Enabled in Hex Safe

To ensure the security of the Baker node private keys, Hex Trust has implemented the Remote Signer protocol with IBM CryptoExpress HSM, the industry’s highest FIPS Level 4 certified devices.

Tezos is ‘Proof of Stake’ (PoS), where any stakeholder can participate in the consensus process of Tezos and be rewarded, contributing to the security and stability of the network. “Baking” is what Tezos calls the act of signing and publishing blocks to the Tezos blockchain.

Bakers are an integral component of Tezos’ PoS consensus mechanism as they ensure that all transactions in each block are correct. Hex Trust clients can now earn passive income on their Tezos assets held with Hex Trust.

About Hex Trust

Hex Trust is the leading digital asset custodian for the banking sector. Our platform, Hex Safe, provides a compliance-focused custody infrastructure, flexible deployment options, and seamless integration with third-party service providers in the ecosystem such as exchanges, OTCs, lending and staking platforms. Headquartered in Asia, Hex Trust is fully licensed and has presence in Hong Kong, Singapore, Vietnam and Germany. www.hextrust.com

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