The HBAR Foundation and Archax have shared plans to enhance their partnership by expanding support for HBAR staking, the native cryptocurrency of the Hedera network, as well as the pursuit of further tokenisation projects.
Building on the recent addition of HBAR to its crypto spot market, Archax has now further integrated support “for the Hedera network and Hedera Token Service (HTS) into its products and services.”
The Archax institutional-grade crypto and digital asset custody service launched earlier this year and already “supports the custody and trading of HBAR.”
Working with Web 3.0 enterprise technology supplied by BCW Group, Archax has added staking support for Hedera, “so that clients holding HBAR, in custody with Archax, now have the ability to earn yield on their assets.”
The use of the Hedera network is also “at the heart of Archax’s tokenisation activities.”
The protocol is fully supported “by the Archax tokenisation engine, which was launched earlier this year and is used to tokenise interests in the abrdn $multi-bn money market fund; which is now available in USD, GBP, and EUR through the Archax ecosystem.”
Graham Rodford, CEO and co-founder of Archax, comments:
“As an FCA registered digital asset exchange, broker and custodian, it is vital that we use credible technologies. Hedera’s technology and ESG credentials are excellent, and we are pleased to have integrated support for their network and look forward to working together on other new tokenisation projects. Additionally, abrdn, who sit on the Hedera Governing Council, is the largest external shareholder in Archax, which further strengthens the partnership.”
Shayne Higdon, Co-Founder and CEO of the HBAR Foundation, comments:
“The Hedera network is the best choice for institutional grade tokenisation, offering a robust platform specifically designed to meet the needs of enterprises and the scale of the largest financial institutions globally. With high performance and scalability, Hedera is establishing itself as the technology layer for institutions and their evolving financial strategies. Together with Archax and its partners, we’re looking forward to accelerating the establishment of Hedera as the preferred choice for institutional grade tokenisation.”
Dwight van Diem, Managing Partner at BCW Group comments:
“We’re excited to partner with Archax to facilitate their ability to provide staking wallet services for HBAR. It’s extremely important for the hedera ecosystem that access to staking is available at all levels, and the addition of an institutional provider enables the custodial minded to now participate.”