The digital asset custody company Hex Trust has integrated the second-layer protocol Etherlink on the Ethereum Virtual Machine (EVM) compatible Tezos to provide institutional custody services for the uranium asset token xU3O8 issued on the network.
According to an announcement shared with Cointelegraph on Tuesday, this integration is supported by Trilitech, the research and development (R&D) hub of Tezos. Trilitech is the developer of Etherlink and is collaborating with Hex Trust to connect institutional clients to xU3O8 and other Etherlink-based assets.
“Tokenized commodities like uranium are attracting institutional interest as more real-world assets are being tokenized on-chain,” said Giorgia Pellizzari, Head of Custody at Hex Trust.
xU3O8 is listed on multiple exchanges, allowing users to invest in physical uranium U308, a product generated after the mining and milling of uranium ore. It is supported by the uranium trading company Curzon and the UK-regulated exchange Archax.
The addition of uranium further expands Hex Trust's real-world asset (RWA) services into the heavily regulated commodities sector, which has long been difficult for institutions to participate in.
Ben Elvidge, Head of Business Applications at Trilitech, stated that uranium is an “ideal choice for tokenization” due to challenges in market access and price transparency.
He said, “Blockchain technology is expected to address both of these issues. The addition of Hex Trust as a compliant custodian makes it easier for institutional investors to take the first step.”
Hex Trust has obtained licenses in Hong Kong, Singapore, Dubai, and Italy. Last year, the company announced it had received in-principle approval from Singapore's financial regulatory authority for a Major Payment Institution (MPI) license.
Last year, the world's first decentralized application for uranium trading, Uranium.io, was launched on the Tezos blockchain in collaboration with Curzon Uranium and Archax.
The platform aims to lower the barriers to entry for global uranium trading, a market historically dominated by institutional investors. Previously, retail investors could only access uranium through ETFs, as direct trading was mainly limited to institutional participants with significant capital.
Earlier this year, Transak partnered with Uranium.io, allowing retail investors to purchase tokenized uranium for as little as $10 using cryptocurrency or credit cards, a threshold significantly lower than the previous minimum of $4.2 million required in the over-the-counter market.
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Original: “Hex Trust Adds Institutional Custody Services, Supporting Tokenized Uranium Assets”
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