Asia-focused crypto custody provider Hex Trust has raised $88 million in a funding round co-led by Animoca Brands and Liberty City Ventures. According to Hex Trust, the Series B funding round will be used to scale to Europe and the Middle East and to obtain additional licenses. Hex Trust currently has over 100 employees across offices in Hong Kong, Singapore, and Vietnam.
“From a licensing perspective, we are getting a license in Dubai and we’re studying Europe on this and where to go,” said Alessio Quaglini, CEO of Hex Trust. “Operationally, we are looking at opening offices in the Middle East and Europe…
Crypto custody firms have come to command high values for providing the complex technology required to safeguard digital assets controlled by regulated institutions like banks.
Over the past year, Hex Trust has begun working with high-profile blockchain projects like Algorand, Terra, Tezos, and Celo, as well as institutions like the UnionBank of the Philippines, the latter being part of Hex Trust’s integration with IBM’s digital assets division.
(All information was provided by CoinDesk)
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