Hex Trust Raises $88M in Series B To Expand into Europe, Middle East

Hex Trust said its fresh injection of capital will go toward scaling its operations in the Middle East and Europe


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key takeaways

  • The crypto custodian said it has raised tens of millions of dollars to scale operations and obtain additional licenses
  • While Animoca Brands and Liberty City Ventures co-led, the round also saw participation from Ripple, Terra and Morgan Creek, among others

Hong Kong-based crypto custodian Hex Trust said it has raised tens of millions of dollars in fresh capital to scale its operations to the Middle East and Europe, according to a statement on Tuesday.

The Series B funding round, co-led by Animoca Brands and Liberty City Ventures, garnered $88 million in capital, which saw its valuation rise to $300 million.

It marks the company’s first significant raise and is consistent with growing interest from outside parties seeking to invest in platforms and technology used in the safekeeping of digital assets.

Participants in the round also included Ripple, Terra, Morgan Creek, Primavera Venture Partners, LeadBlock Partners, Eterna Capital, Sino Global Capital, Topaz and real estate giant New World Development’s CEO Adrian Cheng, among others.

Funding will also be used to obtain additional licenses and expand Hex Trust’s business services as well as continue the development of its “bank-grade” custody platform HexSafe.

Provider of licensed and insured bank-grade custody solutions for crypto, Hex Trust has continued to lure investment from venture capitalists and crypto firms looking to take a punt on the four-year-old company.

Last year, Hex Trust nabbed $6 million via Series A funding and a further $10 million in an extended round led by Animoca in a bid to further branch out across South-East Asia. The company also tapped the Union Bank of the Philippines to assist in the expansion of its custody services in that country.

Hex Trust currently employs 100 people across offices based 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,” said Hex Trust CEO Alessio Quaglini.

“As large institutions continue adopting digital assets at an increased pace, they need fully licensed custody services to meet compliance and regulatory standards.”

Digital asset custodians continue to attract large investors, oftentimes accompanying significant capital raises. In January, crypto custodian Fireblocks raised a staggering $550 million in a Series E round co-led by D1 Capital Partners and Spark Capital, which saw the company valued at $8 billion.

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