Addressing a Common Goal
With rising institutional interest in the world of blockchain, products and services built with security in mind are paramount to ensure continued adoption. With this in mind, IBM, and Hex Trust have recently announced a partnership.
This partnership, which is the product of an MOU signed between the pair in mid-2019, sees Hex Trust building a custody solution for the industry. Development on the project being made possible through the use of Hyper Protect – a LinuxONE based suite of services developed by IBM.
The capabilities of the platform look to be quite versatile, with support for digital assets of any nature – including digital securities.
The following is a brief list of only a few capabilities to be offered by the Hex Trust custody solution.
- Reporting and monitoring
- Multi-Factor Authentication
- First & Third party key management
- Hierarchical sub-account structures
Upon announcing their partnership, representatives from each party took the time to comment. The following is what each had to say on the matter.
Alessio Quaglini, CEO of Hex Trust, stated,
“Through our relationship with IBM as a Business Partner Hex Trust has hit a key milestone. Leveraging IBM’s advanced data security and protection features through IBM Hyper Protect Virtual Servers with the dynamic accessibility and scalability, Hex Trust’s proprietary platform will encourage regulated financial institutions to enter the space.”
Ross Mauri, General Manager for IBM Z, stated,
“Data privacy and protection are key concerns for enterprises and customers within the digital asset business…By taking advantage of IBM Hyper Protect Services, Hex Trust can gain the benefits provided by the security and privacy solutions underpinned by IBM LinuxONE, to establish a highly secured platform for their institutional custody solution.”
With digital securities, and similar markets, expected to grow greatly in the coming years, there need to be solutions put into place that safeguard assets. While many retail investors remain quite lax, with regards to the security of their digital assets, institutional players will not fall into this trap. Only once there are sufficient safeguards in place, will they truly enter the market.
Development of such services has begun popping up throughout 2019, and look to continue that trend in 2020. Whether it’s Gemini providing custody services to BlockFi, or Coinbase Custody supporting digital securities such as ‘BCAP’, there is evident growth.
Operating out of New York, IBM has remained one of the world’s most well-known tech companies for decades. While the company has had various specialities throughout the years, they currently have an emphasis on cloud and cognitive based solutions.
CEO, Virginia Rometty, currently oversees company operations.
Founded in 2017, Hex Trust maintains headquarters in Hong Kong. Above all, the company specializes in offering blockchain based custody solutions.
CEO, Alessio Quaglini, currently oversees company operations.