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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.