Hex Trust Launches Licensed Custody Service for Non-Fungible Tokens

With NFT collectibles now fetching prices in the millions of dollars, the firm said owners need a custody service.

AccessTimeIconMar 3, 2021 at 2:00 p.m. UTC
Updated May 9, 2023 at 3:16 a.m. UTC
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Digital asset custodian Hex Trust has launched a secure way of storing valuable non-fungible tokens (NFTs).

  • In an announcement Wednesday, Hex Trust, which is licensed as a trust company in Hong Kong, said its NFT Safe service provides custody support to NFT collectors and investors within its Hex Safe platform.
  • NFTs, digital tokens widely used for collectibles such as art, are soaring in popularity, with prices recently reaching into the millions of dollars for rare or desirable items.
  • Thus, Hex, which says NFT Safe is a "world first" service, believes it has become important to provide collectors and institutions with safe custody of valuable NFT assets.
  • The Hex Safe platform supports NFTs from multiple blockchain platforms, including Ethereum and its ERC-721 and ERC-1155 token standards.
  • “Given the demand and market growth [of NFTs], Hex Trust is fully committed to focus on this sector and stay at the forefront of industry developments,” said Alessio Quaglini, CEO of Hex Trust.
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