Asia-based crypto custodian Hex Trust raises USD $88M in Series B

Hex Trust, an Asia-based digital asset custodian licensed in Hong Kong and Singapore with over USD $5 billion in assets under custody, has announced the close of its Series B funding round of USD $88 million.

This funding round was co-led by Animoca Brands and Liberty City Ventures.

Participants in the Series B round included Ripple, Terra, Morgan Creek, Primavera Venture Partners, LeadBlock Partners, Eterna Capital, Sino Global Capital, Topaz, and Adrian Cheng (CEO of Hong Kong real estate company 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.

Clifford Chance served as Hex Trust’s legal advisor and Imperii Partners served as the financial advisor.

The round includes USD $61 million of primary capital and USD $27 million from secondary investors.

Important goals for the new funding will be to scale to Europe and the Middle East, obtain additional licenses, continue the development of Hex Safe, the company’s proprietary crypto platform, and further enhance new business services such as financing and structured solutions. Currently, Hex Trust has over 100 employees across offices in Hong Kong, Singapore, and Vietnam.

“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. As large institutions continue adopting digital assets at an increased pace, they need fully licensed custody services to meet compliance and regulatory standards. 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 monetize digital assets held in custody with us.”  
– Alessio Quaglini, CEO & Co-Founder of Hex Trust

In March 2021, Hex Trust became the first custodian to offer fully licensed support of NFTs and also announced a joint venture with Animoca Brands in November 2021 to provide ultra-secure digital asset wallets and financial services for online gamers.

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