Hex Trust launches XRP DeFi gateway, allowing institutions to use FXRP under custody

Digital asset custodian Hex Trust has announced the provision of an XRP DeFi gateway for institutional clients while maintaining asset custody control.

Institutions can mint and redeem FXRP (the wrapped token of XRP on the Flare network) through the Hex platform and stake native FLR. Previously, Flare launched the FXRP lending market, allowing users to earn yields or borrow without selling XRP. FXRP offers a one-to-one mapping of XRP, enabling participation in smart contract applications without transferring the original XRP.