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Enterprise and vault approval schemes

Enterprise

An 'Enterprise' refers to the contracting individual or entity that has a contractual agreement with Hex Trust. A Know Your Customer (KYC) or Know Your Business (KYB) process is performed on the aforementioned individual or entity.

Enterprise Approval Scheme

The Approval Scheme is an essential mechanism for clients to review and approve or reject transactions and other Enterprise-related requests. This ensures that you can confidently approve or reject transactions, knowing that there are no means for any third party to bypass the approval process.

You are able to set the number of Approvers necessary for Enterprise-wide requests, such as transactions and account settings. This setting involves an Approval Quorum, which is a cryptographic scheme that requires a minimum of t (threshold) approvers out of the total possible approvers n: t out of n approvers to approve the Enterprise-related request.

Additionally, the n mentioned above refers to the Approval Quorum Group, which is a set of all possible approvers in the group. Therefore, the number of Approvers in the group will always be equal to n. During the setup of your Enterprise, you will be asked to set the Approval Quorum and Approval Quorum Group necessary for your Enterprise.

Vault

A 'Vault' is an on-chain wallet unique to each Enterprise. Each Vault is on chain segregated and has its own set of unique address(es). Vaults are created by an Admin in Vault Management. Each vault has one wallet type: Safe or Safe Plus.

Vault Approval Scheme

The Approval Scheme is an essential mechanism for clients to review and approve or reject transactions and other Vault related requests. This ensures that you can confidently approve or reject transactions, knowing that there are no means for any third party to bypass the approval process.

You have the ability to set the number of Approvers required for Vault related requests, such as transactions and account settings. This setting involves an Approval Quorum, which refers to a cryptographic scheme that requires a minimum of t (threshold) approvers out of the total possible approvers n: t out of n approvers to approve the Vault related request. Additionally, the n mentioned above refers to the Approval Quorum Group, which is a set of all possible approvers in the group, therefore the number of Approvers in the group will always equal to n. During the setup of your Vault, you will be asked to set the Approval Quorum and Approval Quorum Group necessary for your Vault.

Managing your Vaults

Admins create, rename and archive vaults themselves in Settings › Vault Management. See Manage vaults for the steps.

To change a vault's daily withdrawal limit or approval scheme, or to freeze or disable a vault, send a written request to clients@hextrust.com with:

  • The name of the vault
  • The request type: Edit, Freeze or Disable
  • For edits, the new daily withdrawal limit in your preferred fiat currency (Singapore clients: SGD only) and the new withdrawal approval scheme
  • A short description of the request