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 Sep 14, 2021 at 12:20 p.m. UTC

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.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

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.


CoinDesk - Unknown
First Mover Asia: Remember ICOs? You Would Have Made a Fortune if You HODLed; Bitcoin Slogs Toward $20K

Investors who purchased a breadbasket of blue chip coin offerings about five years ago would have generated an 819% return, even with the current bear market; most cryptos fell in Tuesday trading.

CoinDesk - Unknown
CoinDesk - Unknown
Compass Mining Seen Losing Maine Facility After Failing to Pay Power Bill

The most valuable crypto stories for Tuesday, June 28, 2022.

CoinDesk - Unknown
CoinDesk - Unknown
Crypto Jobs: Who’s Cutting and Hiring?

A running reckoning to layoffs and hirings in the cryptocurrency/blockchain industry.

CoinDesk - Unknown
CoinDesk - Unknown
Governments May Restrict Foreign Access to Their CBDCs, Riksbank Official Says

Not all countries “play nicely” with each other, complicating how central bank digital currencies will interact with other payment systems, said Cecilia Skingsley, first deputy governor at the Swedish central bank.

CoinDesk - Unknown