Algorand has announced the expansion of its collaboration with Hex Trust to provide institutional investors access to staking rewards.
Expansion of Partnership with Hex Trust
Algorand, a protocol utilizing a Pure Proof-of-Stake model to solve the centralization dilemma, has expanded its partnership with Hex Trust, a digital asset custody provider. This expansion is aimed at delivering staking rewards to institutional investors.
Goals of Collaboration
The partnership with Hex Trust aims to enhance decentralization by leveraging a regulated financial institution's platform to offer institutional access to Algorand's staking rewards. Algorand stated that Hex Trust's solution will help strengthen the PPoS blockchain's infrastructure as the ecosystem grows.
Market Impact
The expanded partnership with Hex Trust comes after Algorand's recent announcement of collaboration with Paycode, highlighting Algorand's effort to improve financial inclusion. The ALGO token has also seen a surge following the Federal Reserve's adoption of the ISO 20022 standard, which opens up opportunities for faster and more secure transactions via blockchain.
The expansion of collaboration between Algorand and Hex Trust opens new avenues for institutional investors, potentially increasing trust in the Algorand ecosystem and improving its infrastructure.
