Hex Trust has unveiled a new XRP DeFi gateway tailored for institutional clients, allowing them to mint and redeem FXRP, a wrapped XRP token on the Flare network, while maintaining custody control. This initiative enables institutions to stake native FLR tokens through the Hex platform, expanding their DeFi capabilities. The introduction of FXRP facilitates participation in smart contract applications without the need to transfer original XRP holdings. This follows Flare's launch of the FXRP lending market, which offers users the opportunity to earn income or borrow against their XRP without selling it.