Hex Trust is expanding its cooperation with the Flare blockchain and increasing access to XRP-based decentralised finance, CoinDesk reported on Feb. 5.
The move allows institutional investors to participate in staking and lending markets using FXRP, a wrapped XRP token for the Flare network, while keeping control of their assets. Existing DeFi environments require direct wallet connections and hot-wallet transaction signing, which has made institutions reluctant to manage core assets, but Hex Trust stressed it supports a solution.
FXRP is a 1:1 wrapped version of XRP, designed to let XRP holders use DeFi applications without moving assets directly to smart contract chains. Flare introduced an FXRP lending market to increase the use of XRP in smart contracts, aiming to convert XRP into collateral that can be used for on-chain credit and trading. Hex Trust also plans to support additional assets, including bitcoin (BTC).
Chi-gyu Hwang
delight@d-today.co.kr