Hex Trust, a Hong Kong-based provider of digital asset custody services, has secured US$88 million in a Series B investment round headed by Liberty City Ventures and Animoca Brands. According to Bloomberg, the investment raises Hex Trust’s capitalization to US$300 million, a 10x increase in a year’s time. Ripple, Morgan Creek, Terra, Primavera Venture Partners, and entrepreneur Adrian Cheng were among the round’s investors.
Hex Trust, founded in 2018, by Alessio Quaglini, Marc Amez-Droz, and Rafal Czerniawski is best known for its proprietary bank-grade platform, Hex Safe. Financial companies, digital asset firms, and organizations can use the service to get safe and easy access to decentralized financing and prime trading solutions. Algorand Foundation, Tezos Foundation, Terraform Labs, Celo Foundation, Animoca Brands, Huobi Asset Management, Flare Networks, and Union Bank of the Philippines are the high-profile clients the firm has onboarded in the previous year.
Hex Trust claims to have $5 billion in assets. Presently employs more than 100 people in Singapore, Hong Kong, and Vietnam. The new funds will help grow into the Middle East and Europe, acquire additional licenses, further enhance the Hex Safe infrastructure, and create new services, including finance and structured solutions. Large institutions will require fully licensed custody services to fulfill compliance and regulatory norms as they continue to deploy digital assets at a faster rate, according to Alessio Quaglini, co-creator and CEO of Hex Trust.
They also stated that the corporation aims to remain ahead of the licensing and compliance curve. As major institutions continue to acquire digital assets rapidly, it also wants to include advancements such as protocols, NFTs, DeFi, GameFi, and the metaverse. The executive stated that the objective is to deliver new services and finance solutions to enable customers to commercialize digital assets held in custody, given the rising need to to fulfill compliance & regulatory standards and fully licensed custody services.
Last year, Hex and Animoca Brands announced that they would form a joint venture to provide institutional technology platform wallets and financial sectors for online gamers. They implemented the change with the primary goal of accelerating the expansion of the GameFi ecosystem. Hex has acknowledged working with LeadBlock Partners, Eterna Capital, Sino Global Capital, Topaz, BlockFi, CoinList, Protocol Labs, Pulsar Trading, Wintermute, QBN Capital, Kenetic Capital, HashKey Capital, Fenbushi Capital, Radiant Ventures, Cell Rising, and other high-profile projects and clients.