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

Hex Trust, a Hong Kong-based crypto custodian, stated on Tuesday that it has raised tens of millions of dollars of fresh capital to expand its operations into the Middle East and Europe.

The Series B funding round, led by Animoca Brands and Liberty City Ventures, raised $88 million as the company’s valuation climbed to $300 million.

Additionally, the financing will be used for the obtaining of additional licenses, expansion of Hex Trust’s business services, and development of HexSafe, a bank-grade custody platform.

The round represents the company’s first significant funding round and corresponds with an increase in interest from outside parties seeking to invest in platforms and technologies used to safekeep digital assets.

“Hex Trust had an incredible year of growth, and this round of funding helps us to continue to scale,” said Alessio Quaglini, CEO of Hex Trust. In his view, to reach compliance and regulatory standards, large institutions must obtain fully licensed custody services as they continue to adopt digital assets at an increasing pace.