Crypto custodian Hex Trust is collaborating with Monad Labs to become the first custodian to provide custody services for the Monad layer-1 network. This partnership marks a significant development in the crypto space, particularly for the Monad ecosystem.

Hex Trust, based in Hong Kong, has aligned with Monad Labs to offer these services, highlighting its pivotal role in the APAC and MENA regions. Joey Anthony, the business development lead at Monad Labs, emphasized the importance of Hex Trust’s position and rapid innovation in the custody space, making them an essential provider for managing assets on the Monad blockchain.

“Hex Trust’s positioning as a leading custodian in APAC and MENA, and fast-paced innovation in the custody space makes them a key provider for custodying assets on the Monad blockchain.” – Joey Anthony

Founded in 2022 by Keone Hon, James Hunsaker, and Eunice Giarta, Monad is a layer-1 network that utilizes the Ethereum Virtual Machine (EVM) to implement parallelization, enabling more efficient processing and instant block finality. This innovative approach aims to improve transaction speeds and reduce fees compared to Ethereum.

In April, Monad Labs secured a $225 million funding round led by Paradigm to enhance the development of its layer-1 network. This funding is intended to further improve transaction speeds and reduce fees. Additionally, Monad Labs is reportedly working on a native token called mon, which will be used for transaction payments within the blockchain ecosystem.

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