Hex Trust completes US$88 million Series B financing at a valuation of over US$300 million

念银思唐

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2022-03-16 07:24

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The round was co-led by Animoca Brands and Liberty City Ventures.

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The round was co-led by Animoca Brands and Liberty City Ventures.

This article comes fromThe Block, original author: Yogita Khatri

Odaily Translator | Nian Yin Si Tang

Summary:

This article comes from

, original author: Yogita Khatri

Odaily Translator | Nian Yin Si Tang

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Summary:

- Hex Trust, an Asian crypto custodian, completed $88 million in financing.

Hong Kong-based cryptocurrency custodian Hex Trust has raised $88 million in Series B funding.

This round of financing was co-led by Animoca Brands and Liberty City Ventures, with participation from Ripple, Terra, BlockFi, CoinList, Wintermute, Morgan Creek, Sino Global Capital, Primavera Venture Partners and others.

Existing investors such as Kenetic Capital, HashKey Capital and Fenbushi Capital also participated in the round.

Hex Trust co-founder and CEO Alessio Quaglini said in an interview with The Block that it was an "oversubscribed" round. Quaglini said the company initially planned to raise $30 million, but eventually expanded the funding because of investor interest.

According to Quaglini, the round included Tier 1 capital ($61 million) and Tier 2 funding ($27 million), meaning some early investors sold their stakes in the round.

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global expansionFounded in 2018, Hex Trust provides institutional clients with cryptocurrency custody, staking, brokerage and financing services through its licenses in Hong Kong and Singapore. The company said it has a capital markets services license from the Monetary Authority of Singapore (MAS) and is registered as a trust company in Hong Kong.With new funding in hand, Hex Trust now plans to expand in the Middle East and Europe.

The company will open an office in Dubai in April and has appointed a local chief executive, Quaglini said. As for European expansion, Quaglini said there are currently several candidate destinations, including the UK and Switzerland.

According to Quaglini, Hex Trust also hopes to grow its current team of 100 to around 160 people by the end of this year, in line with its global expansion plans.

Hex Trust's primary business is B2B, but it is now also looking to serve retail-oriented blockchain gaming companies. Hex Trust recently partnered with Animoca Brands

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