HK Crypto Custodian Hex Trust to Scale Growth Following Series B Raise

17th March 2022
HK Crypto Custodian Hex Trust to Scale Growth Following Series B Raise
Image Credit: Hex

Digital asset custodian Hex Trust has raised US$88 million in a funding round co-led by Animoca Brands and Liberty City Ventures, with Ripple, Terra, BlockFi and more participating.

The new funding will be used to scale to Europe and the Middle East, obtain additional licenses, continue the development and innovation Hex Safe – its digital asset custody service – and further enhance new business services such as financing and structured solutions, the company said in an announcement on Wednesday.

Hex Trust aims to “stay ahead of the curve in terms of licensing and compliance, integrating the latest developments such as new protocols, DeFi, NFTs, GameFi, and the metaverse, and providing innovative services and financing solutions to enable our clients to monetize digital assets held in custody with us”, Alessio Quaglini, CEO and co-founder, said.

The raise follows an announcement last month of a purchase of an ‘Estate’ in The Sandbox’s recent LAND sale in the Web3 Zone, whilst also integrating custody support for LAND on Hex Safe.

Hex Trust is fully licensed in Hong Kong and Singapore, with over 200 institutional clients and over US$5 billion in assets under custody. It currently employs over 100 staff across offices in Hong Kong, Singapore, and Vietnam.

Its clients include Algorand Foundation, Terraform Labs, Tezos Foundation, Celo Foundation, Flare Networks, Animoca Brands, Huobi Asset Management, UnionBank of the Philippines, Ripple Labs, DLA Piper, Sun Hung Kai, Slow Ventures, HOF Capital, and Arrington Capital.

Hex has a Capital Markets Service (CMS) Custody License in Singapore and it is applying for PSA (Payment Services Act) License.

Written by Bread News Team
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