Hex Trust: The Crypto Custodian company raises $88 Million in Series B

Hong-Kong-based Custodian Hex Trust has raised $88 million in a Series B funding round.

This round focuses on the company’s further expansions and acquiring additional licenses.

Liberty City Ventures and Animoca Brands are co-leading this funding round, and the custodian also has several participants.

The Hong-Kong-based Institutional Digital Asset Custodian Hex Trust has raised $88 Million in a Series B funding round co-led by Animoca Brands and Liberty City Ventures.

Hex Trust was founded in the year 2018, and the custodian provides crypto staking, custody, brokerage, and financing services to institutional clients with its licenses in Hong Kong and Singapore. The company has over 100 employees across its offices in Singapore, Vietnam, and Hong Kong. And is planning to extend the employees to 160 by year-end.

And with this Series B funding, the custodian focuses on expanding in Europe and the Middle East and obtaining some additional licenses.

According to the CEO of Hex Trust, Alessio Quaglini, From a licensing perspective, they are getting a license in Dubai, and they are studying Europe on this and where to go. And operationally, they are looking at opening offices in the Middle East and Europe.

She added that the firm would open an office in Dubai this April, and a local CEO has been appointed for it. And talking about European expansion, she cited that there are some options on the table, including Switzerland and the UK.

Participants in the funding round include Morgan Creek, Terraform Labs, BlockFi, Sino Global Capital, Primavera Venture Partners, along with some others.

The CEO further highlighted that the round includes both primary capitals, which account for $61 million, and secondary investment of $27 million, which indicates that some early investors sold their shares in the round.

In the previous year, Hex Trust has begun collaborating and working with some high-profile blockchain projects like Terra, Tezos, Algorand, and Celo and institutions like the Union Bank of Philippines.

And the firm says that it has a capital market services license from the Monetary Authority of Singapore and is also registered as a trust company in Hong Kong.

Animoca Brands was a lead investor in Hex Trust’s Series A round worth $10 million that took place in October. This time, Animoca’s co-founder and executive chairman Yat Siu has joined the BOD of the Trust. The custodian has further plans to raise a considerable funding round later this year.

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