Archax has announced an expansion of its partnership with the HBAR Foundation, focusing on enhancing support and custody services for HBAR tokens, the native tokens of the Foundation. This extension includes additional backing for the staking mechanism of the token, aimed at improving accessibility for institutional partners to earn desirable yields from their holdings.

The collaboration between Archax and the HBAR Foundation has already garnered backing and custody for HBAR tokens. This recent development follows Archax's integration of the Hedera Staking Service and the Hedera network into its suite of products and services.

Archax relies heavily on the Hedera network for its tokenization activities, as the protocol is fully supported by Archax's tokenization engine, launched earlier this year. This engine tokenizes interests in the abrdn $multi-billion money market fund, now available in GBP, USD, and EUR currencies within the Archax ecosystem.

Additionally, Archax offers an institutional-grade crypto and digital asset custody service, leveraging Web3 enterprise technology provided by BCW Group, supporting the trading and custody of HBAR tokens. The company prioritizes compliance with existing regulations, fostering confidence among investors, both professional and institutional, regarding trading and custody operations.

Graham Rodford, CEO and Co-Founder of Archax, emphasized the choice of Hedera's technology due to its credibility and excellent credentials, further strengthened by abrdn's role as the largest external shareholder in Archax, sitting on the Hedera Governing Council. Rodford expressed optimism about future collaboration on tokenization projects.

Shayne Higdon from the HBAR Foundation praised the Hedera Network as the optimal choice for institutional-grade tokenization, designed to facilitate global scalability for financial institutions. The Foundation and Archax aim to bolster Hedera's adoption in the industry, positioning it as a preferred option for institutional-grade tokenization.

Meanwhile, HBAR is currently trading at $0.07322, marking a slight increase of approximately 0.36% in the last 24 hours, with a 0.42% rise in Market Cap and a 22.22% increase in 24-hour volume.