Hex Trust, the Asia-based digital asset custodian, has raised $88 million in a funding round.
As the official post reads, The funding round was co-led by Animoca Brands which is a leader in digital entertainment, blockchain, and gamification and Liberty City Ventures, the investment fund.
Other participants in the round included Terra, Ripple, Primavera Venture Partners, Morgan Creek, LeadBlock Partners, Topaz, Eterna Capital, Sino Global Capital, and Adrian Cheng (the CEO of New World Development).
It is also informed that the proceeds from the round will be used to grow and expand the European and the Middle Eastern region and to obtain additional licenses. The funds will be further used for the development and innovation of Hex Safe, and boost new business services like financing and structured solutions.
Hex Trust’s Series B includes $61 million of primary capital and $27 million from secondary investors. Currently, Hex Trust has over 100 employees across offices in Hong Kong, Vietnam and Singapore.
Hex Trust CEO Alessio Quaglini revealed, “From a licensing perspective, we are getting a license in Dubai and we’re studying Europe on this and where to go. Operationally, we are looking at opening offices in the Middle East and Europe.”
Crypto custody firms play a key role in providing the complex technology essential for securing digital assets that are controlled by banks.
In the past, Hex Trust has partnered with some of the huge blockchain projects like Tezos, Algorand, Terra and Celo.
In the first quarter of last year, Hex Trust had raised a $6 million Series A funding round. Later, in October 2021, Animoca Brands led a further $10 million of fresh funding.
Speaking of Animoca Brands, recently, the firm had also led the oversubscribed private token round of $3.6 million for the NFT ecosystem protector’ firm bitsCrunch.
