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Hex Trust raises US$10 million in new funding round
Digital asset custodian to use fresh capital to enhance platform and expand operations
5 Oct 2021 | The Asset

Digital asset custodian Hex Trust has raised US$10 million in an investment round led by Animoca Brands, a Hong Kong-headquarterd company operating in digital entertainment, blockchain, and gamification sectors. Other investors include Ripple Labs, Algorand Foundation, BCW Group, Tessera Capital Partners, Mind Fund, Double Peak Group, and Token Bay Capital.

Several investors in the US$6 million Series A round closed earlier this year also participated, including QBN Capital, Kenetic Capital, Mantra Dao, Borderless Capital, Radiant Tech Ventures, and Cell Rising Capital.

Hex Trust plans to use the proceeds to further enhance the institutional-grade market infrastructure and sophisticated security frameworks underpinning the custody and other value-added services it provides through its proprietary bank-grade platform Hex Safe, and establish itself as the leading custodian in the non-fungible token (NFT) space. The fresh capital will also enable the company to expand its operations across the Singapore and Vietnam offices, as well as establish its footprint in Europe and the Middle East.

After securing a capital markets services (CMS) licence from the Monetary Authority of Singapore (MAS), Hex Trust also plans to obtain additional regulatory licences in line with its strategy to implement robust compliance standards and work closely with regulatory bodies across multiple jurisdictions.

“There has never been a stronger drive behind the adoption of digital assets, with institutional investors in particular eager to integrate and adopt this new asset class within secure and compliant frameworks. It is the perfect time to invest in scaling operations, hiring key talent, and building top-tier infrastructure to seize the opportunities in this rapidly evolving and growing market,” says Hex Trust co-founder and chief executive officer Alessio Quaglini.

As an early pioneer integrating entertainment and gamification with blockchain technologies, Animoca Brands serves as a strategic partner to Hex Trust as the custodian rolls out additional services covering the NFT market.

“The past few years have seen the rise of institutional-grade custody and infrastructure providers who are focused on bridging the gap between traditional and the digital asset ecosystems,” says Animoca Brands co-founder and chairman Yat Siu.  “We view Hex Trust as a trusted partner to institutional investors and digital asset companies, offering the full range of services required to operate in this dynamic market in a safe and compliant manner.”