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Hex Trust Announces Custodial Solutions for Non-Fungible Tokens (NFTs)

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by Bhushan Akolkar · 3 min read
Hex Trust Announces Custodial Solutions for Non-Fungible Tokens (NFTs)
Photo: Unsplash

Hex Trust is the first-ever platform to offer secure custodial services for NFTs. The decision comes amid NFTs gaining massive popularity transacting millions-of-dollars.

On Tuesday, March 3, digital asset custodian Hex Trust announced new crypto custodial solutions for securely storing non-fungible tokens (NFTs). Probably, this is for the first time that a crypto firm is offering custodial solutions for NFTs.

NFTs have gained massive popularity in recent times. These are basically blockchain-based cryptographic tokens that are not interchangeable. Each NFT is unique in its existence and can’t be duplicated. These digital tokens represent pieces of digital art, sports highlights, music, and much more.

As per the official press release, the service called ‘NFT Safe’ will let investors store their NFTs securely with Hex. The new custodial solution is also part of the company’s own fully licensed and insured custodial platform Hex Safe. Besides, Hex Trust notes that the reason behind offering this service is the exploding NFT market. The official press release notes:

“With the NFT market surging and prices of NFT’s climbing into the millions of dollars for a single collectible, it has become urgent to provide collectors and institutions with the ability to safely custody and insure their valuable assets. The Hex Safe platform has been upgraded to fully integrate NFTs on multiple blockchain platforms and token standards including Ethereum and their ERC-721 and ERC-1155 token standards”.

Hex Trust added that it is also working on other potential integrations of NFTs such as the Hedera Token Service (HFS), Binance Smart Chain (BSC) and Flow.

Building Custodial Solutions for Retail and Enterprise Investors

The NFT Safe custodial solution will come along with a simple and easy-to-use interface. It also notes that it will provide turnkey custodial solutions for a variety of retail and enterprise players. This includes artists and NFT issuers, HNW digital asset collectors, NFT marketplaces, and institutional NFT service providers. Alessio Quaglini, CEO & Co-Founder of Hex Trust noted:

“NFTs are an integral part of the blockchain ecosystem and have been accelerating in popularity. The possibilities are endless when considering the size of the markets which can be unlocked by NFTs. Given the demand and market growth, Hex Trust is fully committed to focus on this sector and stay at the forefront of industry developments.”

Big market players have been making the post of the current NFT craze. Last week, the 250-year-old auction house Christie’s conducted its first-ever auction leveraging NFTs. Christie’s announced the auction of digital artwork by Mike “Beeple” Winkelmann using NFTs.

Similarly, NBA joined hands with Dapper Labs to sell its own version of digital NFTs. NBA will be selling video highlights by some of the top players using Dapper Labs’ Flow blockchain.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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