Hex Trust, an Asia-based licensed and insured provider of custody for crypto-assets, announced it has raised USD $10 million in an investment round led by Animoca Brands, a company specializing in digital entertainment, blockchain, and gamification.
Other investors include Ripple Labs, Algorand Foundation, BCW Group, Tessera Capital Partners, Mind Fund, Double Peak Group, and Token Bay Capital. Several investors of the USD $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.
Capital Deployment
Next to the Capital Markets Services (CMS) license recently granted by the Monetary Authority of Singapore (MAS), Hex Trust will use the capital to secure new licenses in line with its strategy to implement compliance standards and work closely with regulatory bodies across multiple jurisdictions.
Further, Hex Trust plans to further 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 a custodian in the 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.
“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.”
– Alessio Quaglini, CEO & Co-Founder of Hex Trust
As a pioneer integrating entertainment and gamification with blockchain technologies, Animoca Brands will act as a strategic partner to Hex Trust as the custodian rolls out services covering the NFT market.
“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.”
– Yat Siu, Chairman & Co-Founder of Animoca Brands