Animoca Brands Co-leads $88M Series B Funding Round of Hex Trust

Digital asset custodian Hex Trust has announced raising $88 million in a Series B funding round.

As per the official blog post, the funding round was led by Animoca Brands and Liberty City Ventures. Hex will deploy the funds towards expanding its footprint and scaling its operations.

Hex Trust’s Funding Round

The funding round also saw participation from Ripple, Terra, Morgan Creek, Primavera Venture Partners, LeadBlock Partners, Eterna Capital, Sino Global Capital, Topaz, as well as CEO of Hong Kong real estate giant New World Development – Adrian Cheng. Other high-profile blockchain players such as BlockFi, CoinList, Protocol Labs, Pulsar Trading, and Wintermute also backed Hex’s investment.

So far, Hex Trust has over 100 employees across offices in Hong Kong, Singapore, and Vietnam. The crypto custodian plans to infuse the fresh capital to expand across Europe and the Middle East and rake in additional licenses. It also aims to continue the development and innovation of Hex Safe.

Improving its new business services such as financing and structured solutions are also under Hex’s game plan.

Alessio Quaglini, CEO and co-founder of Hex Trust, said the company wants to stay ahead of the curve with respect to licensing and compliance. It also wants to integrate the developments such as protocols, DeFi, NFTs, GameFi, and the metaverse as large institutions continue adopting digital assets rapidly.

With the increased demand for fully licensed custody services to meet compliance and regulatory standards, the exec said the goal is to provide “innovative services and financing solutions to enable clients to monetize digital assets held in custody.”

Animoca Brands executive chairman and co-founder Yat Siu commented,

“Since our initial investment only 7 months ago, it’s been exciting to see their impressive business traction and their technology platform go from strength to strength. We believe Hex Trust is well-positioned to capture the growth in NFTs, GameFi, and the metaverse, and we are here to support them at every step of their journey.”

Onboarding High-profile Clients

Last year, Hex announced establishing a joint venture to offer institutional digital asset wallets and financial services for online gamers in collaboration with Animoca Brands. The main objective behind the move was to accelerate the growth of the expanding GameFi ecosystem.

Among other high-profile projects and clients, Hex has revealed working with Tezos Foundation, Terraform Labs, Celo Foundation, Huobi Asset Management, UnionBank of the Philippines, Algorand Foundation, DLA Piper, Arrington Capital, Flare Networks, etc.