Animoca Brands Co-leads $88M Series B Funding Round of Hex Trust

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Dig­i­tal asset cus­to­di­an Hex Trust has announced rais­ing $88 mil­lion in a Series B fund­ing round.

As per the offi­cial blog post, the fund­ing round was led by Ani­mo­ca Brands and Lib­er­ty City Ven­tures. Hex will deploy the funds towards expand­ing its foot­print and scal­ing its operations.

Hex Trust’s Funding Round

The fund­ing round also saw par­tic­i­pa­tion from Rip­ple, Ter­ra, Mor­gan Creek, Pri­mav­era Ven­ture Part­ners, Lead­Block Part­ners, Eter­na Cap­i­tal, Sino Glob­al Cap­i­tal, Topaz, as well as CEO of Hong Kong real estate giant New World Devel­op­ment – Adri­an Cheng. Oth­er high-pro­file blockchain play­ers such as Block­Fi, Coin­List, Pro­to­col Labs, Pul­sar Trad­ing, and Win­ter­mute also backed Hex’s investment.

So far, Hex Trust has over 100 employ­ees across offices in Hong Kong, Sin­ga­pore, and Viet­nam. The cryp­to cus­to­di­an plans to infuse the fresh cap­i­tal to expand across Europe and the Mid­dle East and rake in addi­tion­al licens­es. It also aims to con­tin­ue the devel­op­ment and inno­va­tion of Hex Safe™.

Improv­ing its new busi­ness ser­vices such as financ­ing and struc­tured solu­tions are also under Hex’s game plan.

Alessio Quagli­ni, CEO and co-founder of Hex Trust, said the com­pa­ny wants to stay ahead of the curve with respect to licens­ing and com­pli­ance. It also wants to inte­grate the devel­op­ments such as pro­to­cols, DeFi, NFTs, Game­Fi, and the meta­verse as large insti­tu­tions con­tin­ue adopt­ing dig­i­tal assets rapidly.

With the increased demand for ful­ly licensed cus­tody ser­vices to meet com­pli­ance and reg­u­la­to­ry stan­dards, the exec said the goal is to pro­vide “inno­v­a­tive ser­vices and financ­ing solu­tions to enable clients to mon­e­tize dig­i­tal assets held in custody.”

Ani­mo­ca Brands exec­u­tive chair­man and co-founder Yat Siu commented,

“Since our ini­tial invest­ment only 7 months ago, it’s been excit­ing to see their impres­sive busi­ness trac­tion and their tech­nol­o­gy plat­form go from strength to strength. We believe Hex Trust is well-posi­tioned to cap­ture the growth in NFTs, Game­Fi, and the meta­verse, and we are here to sup­port them at every step of their journey.”

Onboarding High-profile Clients

Last year, Hex announced estab­lish­ing a joint ven­ture to offer insti­tu­tion­al dig­i­tal asset wal­lets and finan­cial ser­vices for online gamers in col­lab­o­ra­tion with Ani­mo­ca Brands. The main objec­tive behind the move was to accel­er­ate the growth of the expand­ing Game­Fi ecosystem.

Among oth­er high-pro­file projects and clients, Hex has revealed work­ing with Tezos Foun­da­tion, Ter­raform Labs, Celo Foun­da­tion, Huo­bi Asset Man­age­ment, Union­Bank of the Philip­pines, Algo­rand Foun­da­tion, DLA Piper, Arring­ton Cap­i­tal, Flare Net­works, etc.

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