HT Markets, a member of the Hex Trust Group, now provides staking support for Hedera, an enterprise-grade public ledger for the decentralized economy, enabling financial institutions to participate in staking the protocol’s native token HBAR.
Hedera is a leaderless proof-of-stake network, meaning it does not require mining to solve computational problems and deliver proof of work for reward. Instead, Hedera’s design uses the value of a scarce, “pre-minted” resource (HBAR), staked to network nodes, to achieve consensus and protect the network against certain forms of cyberattacks.
In partnership with BCW Technologies, an infrastructure provider and node operator in the Hedera ecosystem, HT Markets will be able to provide auto-compounding, a first-of-its-kind offering through its staking wallet service; a feature that automatically claims and re-stakes rewards each epoch.
Financial institutions and organizations like BCW Ventures can now delegate their HBAR by staking directly from their Hex Safe account. As of October, HBAR staking rewards are eligible for distribution to staked accounts every 24 hours, marking a significant milestone for the Hedera network.
Earlier in October 2021, Hex Trust integrated the network and its token service standard into Hex Safe, the bank-grade custody platform, enabling support for HBAR and all token service issuances on the protocol.
Leemon Baird, co-founder of Hedera, says: “With the staking support from the Hex Trust and BCW, we [can] serve a broader base of financial institutions participating in the growth of the network.”