Crypto Custody Provider Hex Trust Raises $88 Million ⋆ ZyCrypto

Hex Trust, an institutional crypto custodian based in Hong Kong and Singapore, recently secured $88 million in a Series B investment round headed by Animoca Brands and Liberty City Ventures.

Other participants in the funding round included Morgan Creek, LeadBlock Partners, Primavera Venture Partners, Ripple, Terraform Labs, and Protocol Labs. According to Hex Trust co-founder and CEO Alessio Quaglini, the firm was hoping to secure $30 million at first but ended up augmenting the size of the round due to investor interest.

Hex Trust Expansion in Europe and the Middle East

The funds will be used by Hex Trust to grow in Europe and the Middle East, as well as to seek other licenses outside of its present bases in Hong Kong and Singapore. According to Quaglini, the company will build an office in Dubai in April and has already selected a local CEO. When it comes to European advancement, Quaglini says there are a few choices on the table, including the United Kingdom and Switzerland.

Hex Trust currently employs over 100 people at offices in Hong Kong, Singapore, and Vietnam. According to Quaglini, Hex Trust is hoping to boost that number by the end of this year as part of its worldwide development goals. Hex Trust plans to secure another significant funding round later this year. Quaglini stated that the company is already in talks with investors about raising “at least double the amount” of the Series B financing.

Hex Trust and Animoca established a collaborative venture in November last year to deliver wallet and financial services to gamers through Animoca assets. According to Quaglini, the new firm will operate as a separate entity with its own CEO and will eventually function as a custodian for other gaming companies.