Digital Asset Custodian, Hex Trust, Secures $10 Million Funding

Leading Asian digital assets custodian, Hex Trust, has secured $10 million in its recent funding round. The funding round was led by Animoca Brands, a gaming and NFT unicorn. Other participants in the investment round are Algorand Foundation, BCW Group, Double Peak Group, Mind Fund, Ripple Labs, Tessera Capital Partners, and Token Bay Capital.

According to the firm, the new funding will be injected into the company’s expansion of its Vietnam and Singapore bases. Recall that the company recently acquired an operational license from the Money Authority of Singapore under the country’s Securities and Futures Act. The company also has plans to expand to Europe and the Middle East before the end of 2021.

Speaking about the company’s expansion plans, Chief Executive Officer and Co-founder of Hex Trust, Alessio Quaglini, stated, “We are fully committed to expand in this market and to serve as strategic partners to financial institutions and digital asset natives.”

Additionally, the funds will be used to improve the firm’s security and market infrastructure relating to its licensed custody platform, Hex Safe.

Before this round of funding, the firm previously raised $6M in its Series A funding in March. The Series A funding saw participation from several investors including QBN Capital, Genesis Block ventures, Fenbushi Capital, Radiant Tech ventures, Cell Rising Capital, and some others.

Subsequently, the firm also acquired a strategic investment from the Fintech platform, Clearpool in July. Most recently, it also unveiled its partnership deal with the Union Bank of the Philippines.

About Hex Trust

Hex Trust is a digital asset custody platform for the banking sector with a focus on the Asian and European markets. Hex Safe is the proprietary bank-grade platform of Hex Trust. The platform provides custody solutions to banks, financial institutions, asset managers, exchanges, and corporations. By using Hex Safe, clients get access to liquidity providers, exchanges, and lending & staking platforms. This guarantees smooth access to liquidity services while assets are held in the regulated platform.