Hex Trust, a digital asset custodian, has raised $88 million in a Series A funding round.
According to the official blog post, Animoca Brands led the funding round. Liberty City Ventures was also involved. Hex will use the funds to expand its footprint and scale its operations.
Hex Trust’s Funding Round
Ripple, Terra and Morgan Creek participated in the funding round, as did LeadBlock Partners and Primavera Venture Partners. Topaz was also involved, as well as Adrian Cheng, CEO of New World Development, a Hong Kong real estate company. Hex was also supported by other prominent blockchain players like BlockFi, Protocol Labs and Pulsar Trading.
Hex Trust currently has more than 100 employees in offices in Hong Kong and Singapore. The crypto custodian plans on infusing the new capital to expand across Europe, the Middle East, and to rake in additional licences. It will also continue to innovate and develop Hex Safe .
Hex also plans to improve its business services, such as financing or structured solutions.
Hex Trust CEO and co-founder Alessio Quaglini stated that the company is committed to staying ahead of the curve in licensing and compliance. It wants to incorporate the latest developments, such as protocols and DeFi, NFTs. GameFi, as well as the metaverse, as large institutions continue to adopt digital assets quickly.
The increased demand for licensed custody services that meet regulatory standards and compliance has led to an executive stating that the goal is to offer “innovative financing solutions and services to clients in monetizing digital assets kept in custody.”
Yat Siu, co-founder and executive chairman of Animoca Brands, commented.
“Since our initial investment 7 months ago it’s been thrilling to watch their impressive business growth and their technology platform grow from strength to strength. We believe Hex Trust has the potential to capitalize on the growth in NFTs and GameFi and the metaverse. We are there to support them every step of the way.
Incorporating high-profile clients
Hex, in collaboration with Animoca Brands, announced last year that they would be establishing a joint venture for institutional digital asset wallets as well as financial services for online gamers. This move was made to help accelerate the expansion of GameFi’s ecosystem.
Hex also revealed that he worked with Terraform Labs and Celo Foundations, Huobi Asset Managements, UnionBank of the Philippines and Algorand Foundations.
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