Hex Trust Secures $88M Funding, Scales to NFTs, GameFi and the Metaverse

Asia-focused digital assets custody firm Hex Trust has raised $88M in a funding round led by Animoca Brands and Liberty City Ventures.
Image source: hextrust.com

Quick take:

  • Hex Trust has completed a $88M funding round led by Anomoca Brands and Liberty City Ventures.
  • The Aisa-focused crypto custody firm said it will use the funds to scale to NFTs, GameFi and the metaverse.
  • The digital assets company said it is also looking to expand globally.

Hex Trust announced on Wednesday the successful completion of an $88 million funding round led by Animoca Brands and Liberty City Ventures. The Asia-focused digital assets custody firm said it will use the funds to scale its operations globally while expanding to NFTs, GameFi and the metaverse.

Other participants in the Series B fundraising included Ripple, Terra, Morgan Creek, Primavera Venture Partners, LeadBlock Partners, Eterna Capital, Sino Global Capital, Topaz, and New World Development chief executive officer Adrian Cheng. 

Several blockchain firms also invested with a long lineup of previous investors also participating. The Series B round included $61 million from primary capital investors and $27 million from secondary investors.

Hex Trust is targeting the European and middle-eastern regions for expansion opportunities. The company already boasts over 100 employees spread across its offices in Hong Kong, Singapore and Vietnam. It is looking to obtain additional licenses, allowing it to offer services through its proprietary platform Hex Safe.

Hex also seeks to offer new business services, including financing and structures solutions. 

Commenting on the huge fundraising, Alessio Quaglini, co-founder and CEO of Hex Trust highlighted the firm’s impressive year of growth, adding that Hex will continue scaling its offerings to become a global leader in digital asset custody.

“As large institutions continue adopting digital assets at an increased pace, they need fully licensed custody services to meet compliance and regulatory standards,” he said.

Hex has grown over the last few years to reach a total asset under management (AUM) valuation of $5 billion. 

However, despite this success, Quaglini maintained the company remains focused on staying “ahead of the curve in terms of licensing and compliance, integrating the latest developments such as new protocols, DeFi, NFTs, GameFi, and the metaverse, and providing innovative services and financing solutions to enable our clients to monetize digital assets held in custody with us.”

Hex announced a joint venture with Animoca Brands last November to provide ultra-secure digital asset wallets and financial services for online gamers. Earlier in the year, the company became the first custodian to offer fully licensed support for NFTs.

The firm has already had a taste of the metaverse after purchasing digital LAND on Animoca Brands’ subsidiary, The Sandbox. Hex has also established partnerships with leading blockchain firms, including Algorand, Terra, Tezos and Celo, in the last 12 months.

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