Crypto custodian Hex Trust is teaming up with Monad Labs, becoming the first custodian to offer custody services for the Monad layer-1 network.

Hong Kong-based crypto custodian Hex Trust has partnered with blockchain developer Monad Labs to offer such services for the Monad ecosystem, according to a press release seen by crypto.news.

The blockchain developer says the collaboration marks a “significant milestone” as Hex Trust becomes the “first custodian that will offer support for the custody of assets on the Monad blockchain.” Commenting on the news, the business development lead at Monad Labs Joey Anthony said the firm decided to select the Hong Kong-headquartered custodian due to its key role in APAC and MENA regions.

“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 leverages Ethereum Virtual Machine (EVM) for implementing parallelization to enable more efficient processing and instant block finality.

In April, Monad Labs secured a $225 million funding round led by Paradigm to double down on the development of its layer-1 which to improve transaction speeds and reduce fees compared to Ethereum. For its blockchain, Monad Labs also appears to be working on its native token, dubbed mon, according to technical documents unveiled in September 2023.

Although subsequent mentions of the token were removed, it’s understood that the token will be utilized within the blockchain ecosystem for transaction payments.