Hex Trust, an Asia-based authorized and insured crypto-asset custodian, announced that it has raised $10 million in an investment round led by Animoca Brands, a company specializing in digital entertainment, blockchain and gamification.
Other investors include Ripple Labs, Algorand Foundation, BCW Group, Tessera Capital Partners, Mind Fund, Double Peak Group and Token Bay Capital. Several investors also participated in the first round of the $6 million Series I that closed earlier this year, including QBN Capital, Kenetic Capital, MANTRA DAO, Borderless Capital, Radiant Tech Ventures and Cell Rising Capital.
Alongside the Capital Markets Services (CMS) license recently granted by the Monetary Authority of Singapore (MAS), Hex Trust will use the capital to secure new licenses in line with its strategy to implement compliance standards and work closely with regulators across multiple jurisdictions.
Furthermore, Hex Trust plans to enhance the enterprise-grade market infrastructure and advanced security frameworks that support custodial and other value-added services it offers through the bank’s Hex Safe platform, solidifying its position as a trustee in the NFT space.
The new capital will also enable the company to expand its operations across offices in Singapore and Vietnam, as well as establish a presence in Europe and the Middle East.
“It’s the perfect time to invest in expanding operations, hiring key talent, and building first-class infrastructure to seize opportunities in this rapidly developing and growing market.”
– Alessio Quaglini, CEO and Co-founder of Hex Trust
As a pioneer in integrating entertainment and gaming with blockchain technologies, Animoca Brands will act as a strategic partner for the Hex Trust, providing services covering the NFT market.
“We view Hex Trust as a trusted partner for institutional investors and digital asset firms, providing the full range of services required to operate in this dynamic market in a secure and compliant manner.”
– Yat Seo, Chairman and Co-founder of Animoca Brands