Hex Trust, a digital asset custodian which is fully licensed in Hong Kong and Singapore, announced that it has closed its Series B funding round of US$88 million co-led by Animoca Brands and Liberty City Ventures.
Hex Trust’s Series B includes US$61 million of primary capital and US$27 million from secondary investors.
Participants in the round included Ripple, Terra, Morgan Creek, Primavera Venture Partners, LeadBlock Partners, Eterna Capital, Sino Global Capital, Topaz, and Adrian Cheng who is the CEO of Hong Kong real estate giant New World Development.
Several blockchain companies also participated in the round including BlockFi, CoinList, Protocol Labs, Pulsar Trading, and Wintermute.
Previous investors also participated in the round including QBN Capital, Kenetic Capital, HashKey Capital, Fenbushi Capital, Radiant Ventures, and Cell Rising.
Hex Trust said that the new funding will be used to scale to Europe and the Middle East, obtain additional licenses, continue the development and innovation of Hex Safe™, and further enhance new business services such as financing and structured solutions.
Currently, Hex Trust has over 200 institutional clients and over US$5 billion in assets under custody with more than 100 employees across offices in Hong Kong, Singapore, and Vietnam.
Hex Trust’s 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.
Alessio Quaglini, CEO and Co-founder of Hex Trust said,
“It was a tremendous year of growth for Hex Trust and this funding round enables us to continue scaling and become a global leader in digital asset custody.
Our mission at Hex Trust remains the same: 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 monetise digital assets held in custody with us.”
