The ex-vice-chairman of Standard Chartered's securities services business reemerges at a fellow custodian specializing in digital assets.
Colin Brooks joins the advisory board of Hex Trust, a Hong Kong-based bank-grade digital asset custodian, amidst ongoing expansion especially with the banking and financial institution client base in Asia and Europe.
Cryptocurrency market capitalization alone is inching towards $300 billion globally and over $20 billion in daily trades. Bitcoin, the major market share owner, climbed 30 percent year-to-date to around $9,380 after a strong rebound from an annual low in March when market-wide volatility was triggered.
«[Brooks] joins Hex Trust at a critical juncture for the entire digital assets industry,» said Hex Trust CEO Alessio Quaglini in a statement. «A new wave of adoption is taking place, spearheaded by banks, central banks, and other financial institutions, which is transforming the market and the way service providers operate.»
Digital Asset Adoption
In addition to growing Hex Trust's business, Brooks will advise on how to optimize its custody platform and operations, and onboard more banks and financial institutions as clients. And Hex Trust specifically underlines the complexities involved with integrating a digital asset custody platform across areas like compliance needs, internal processes, and security requirements.
«We cannot assume that the whole financial market will embrace from day one solutions designed by technology companies,» Quaglini added. «The process has to be a two-way, with financial institutions sharing their expertise and providing inputs on their pain points and challenges in their business models.»
Brooks has over 30 years of experience in institutional custody and securities businesses including a role as HSBC’s head of custody and clearing for seven years. He was most recently a senior advisor and vice chairman of Standard Chartered’s securities services business in Singapore.
