Archax and The HBAR Foundation Extend Partnership for Staking and Real-World Asset Tokenisation

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Dec 12, 2023, 06:00 ET

Building on their existing work of Hedera network integration and HBAR custody

LONDON, Dec. 12, 2023 /PRNewswire/ -- 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."

Archax stands at the forefront of the digital asset industry and applies compliance and regulatory standards to ensure that individual professional and institutional investors can trade and custody with familiarity and confidence.

For more information about Archax products and services, get in touch here.

About Archax

Archax is the first ever digital securities exchange regulated by the FCA in London. Targeted at institutions, Archax also has its FCA brokerage, custody and cryptoasset permissions.

Founded by experts from traditional capital markets and backed by an accomplished advisory board, Archax offers a credible bridge between the blockchain world and the existing investment space. The Archax team is used to working in highly regulated markets and has a deep understanding of the blockchain landscape and tokenisation too – as well as a vision of how to evolve them and open up digital assets to institutions in a transparent manner.

Archax's solutions are built using existing, proven, resilient, scalable, high-performance infrastructure, hosted in top-tier datacentre space and integrated into the existing institutional trading workflow.

As well as listing global digital issuances, Archax is also developing its own range of liquid digital structured products that will trade on its exchange.

About The HBAR Foundation

The HBAR Foundation supports the creation of Web3 communities built on the Hedera network, by empowering and funding the builders developing these communities. The Foundation's six funds - focused on the Crypto Economy, Metaverse, Sustainability, Fintech, Privacy, and Female Founders - each support communities within those areas, and the interconnectedness enables applications to participate as part of a larger ecosystem.

The collective power of these funds enables entrepreneurs, developers, and enterprises of all sizes to tackle some of the world's largest problems and create and control their own economies, all built on the Hedera public network. Whether you're building something new or migrating an existing EVM-based application and community, the HBAR Foundation is here to support you. For additional information, please visit https://hbarfoundation.org.

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SOURCE The HBAR Foundation