Archax has announced the extension of its collaboration with the HBAR Foundation. Both parties in the association have already gathered support and custody for HBAR tokens that are native to the Foundation. An extension to that partnership entails further support for the staking mechanism for the token. This is expected to help boost accessibility for institutional partners, who can now fetch desirable yields from their holdings.
The development came to light after Archax integrated the Hedera Staking Service along with the Hedera network into its line of products and services.
The tokenization activities of Archax rely heavily on the Hedera network, for the protocol is fully supported by the tokenization engine of Archax. The same was launched earlier this year. It tokenizes interests in abrdn $multi-bn money market fund. The Archax ecosystem has now made the fund available in three currencies, namely GBP, USD, and EUR.
The institutional-grade crypto and digital asset custody service that Archax launched earlier this year is another feature. It supports the trading and custody activities of HBAR tokens. It leverages the capabilities of Web3 enterprise technology, which is supplied by BCW Group.
Archax is an ideal partner since it follows the ideology of functioning in an environment where it is compliant with prevailing regulations and laws. This instills a sense of confidence and familiarity in the minds of investors, both professional and institutional, knowing that they can trade and access custody without any worry.
The Chief Executive Officer and Co-Founder of Archax, Graham Rodford, has said that they chose Hedera’s technology because, for them, it is imperative that they leverage only credible technologies. Graham has further stated that the credentials of Hedera are excellent, adding that the partnership now gains strength from abrdn, the largest external shareholder in Archax, who sits on the Hedera Governing Council.
Archax is now looking forward to collaborating on more tokenization projects in the future, concluded Rodford. Shayne Higdon from the HBAR Foundation has lauded Hedera Network by calling it the best choice for institutional-grade tokenization. The Chief Executive Officer and Co-Founder of the Foundation have highlighted that it has been specifically designed to enable the scalability of financial institutions across the globe and meet the needs of enterprises.
Shayne is sure that Hedera is establishing itself as a technological layer for growing financial strategy. Moving ahead, the HBAR Foundation and Archax will collaborate to boost Hedera’s adoption in the industry. As a result, it is a popular choice for institutional-grade tokenization.
The industry is experiencing the rise of staking mechanisms, enabling crypto holders to make the most of their portfolios. Crypto staking can be alternatively tried on other platforms; however, the HBAR Foundation and Archax coming together could potentially mark a turning point for the segment.
Meanwhile, HBAR is exchanging hands at $0.07322 at the time of drafting this article. This is an increase of ~0.36% in the last 24 hours. Market Cap and 24-hour volume are up by 0.42% and 22.22%, respectively.
Source: https://www.cryptonewsz.com/archax-and-hbar-foundation-strengthen-their-collaboration/