R3 Groups With Custodian Hex Belief to Assist Asian Banks Promote Safety Tokens

Asian banks concerned about issuing safety tokens on R3’s Corda now have an area custodian to work with.

Hong Kong-based Hex Belief is partnering with the enterprise blockchain firm to supply banking purchasers an alternative choice for issuing safety tokens. The custodian started working with R3 when one in all its purchasers issued collateral tokens for derivatives on Corda. 

“Lots of the brand new demand coming is for Corda-based tokens or different comparable blockchain-based protocols,” Hex Belief CEO Alessio Quaglini mentioned. The custodian joins the roughly 10 different custody corporations that R3 works with globally. 

Hex Belief will combine with R3 by way of the Corda software program improvement equipment (SDK) for tokens that was launched in July 2019. R3 purchasers can reap the benefits of Hex Belief’s custody options whereas Hex Belief purchasers can reap the benefits of the Corda blockchain. 

Whereas neither agency may identify particular tasks, Hex is working with one of many “largest Asain banks” and R3 has a number of safety token tasks within the works.

Hex Belief’s know-how was constructed with banks and different conventional monetary establishments in thoughts. It presents {hardware} safety modules from IBM, is linked with the SWIFT fee community and has built-in with the highest 10 blockchain protocols by market capitalization. 

Hex Belief additionally has a belief firm license and holds a belief or firm service supplier (TCSP) license below the Anti-Cash Laundering and Counter-Terrorist Financing Ordinance in Hong Kong. The custodian is coming into the Financial Authority of Singapore sandbox and making use of for the capital markets custody license in Singapore. It’s additionally been provisionally licensed by Germany’s Monetary Supervisory Authority (BaFin) to offer crypto custody providers and is making use of for the crypto custody license in Germany as properly. 

“The license helps to determine the roles of custody gamers and what they will do and what they can not do for conventional establishments like banks and asset managers,” mentioned Doris Teo, R3’s strategic account director for the Asia-Pacific area. 

Hex Belief expects to see extra demand for safety tokens as Hong Kong and Singapore open up sandboxes for exchanges to commerce such belongings and as different European Union international locations develop new licensee frameworks for crypto custody. 

“I’d say an important factor is the asset lifecycle,” Hex Belief’s Quaglini mentioned. “Tokens designed digital on blockchain enable transactions to occur 24/7. [One can] program the lifecycle of the token instantly within the good contract, pay dividends robotically and automate voting capabilities.”