Hong-Kong-based institutional custody service Hex Trust has raised $88 million in a Series B funding round co-led by Animoca Brands and Liberty City Ventures. The round includes both primary capital of $61 million and secondary investment of $27 million.

In addition to Animoca Brands and Liberty City Ventures, other investors to participate in the round included Ripple, Terra, BlockFi, CoinList, Wintermute, Morgan Creek, Sino Global Capital, Primavera Venture Partners among others. Prior backers, including Kenetic Capital, HashKey Capital, and Fenbushi Capital, also joined the round.

With the fresh funds, Hex Trust now looks towards expanding in the Middle East and Europe in addition to scaling its current team of 100 people to around 160 by the end of this year.

https://twitter.com/Hex_Trust/status/1503940298082492417

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The latest Series B round brings Hex Trust's total funding valuation to date to over $100 million. The company didn’t provide a specific valuation with this round but said it's "10 times more" than the valuation at the time of its Series A round, which was $30 million which translates to at least a $300 million valuation currently.
<h2><strong>Licensed Crypto Firm in Singapore and Hong Kong</strong></h2>
Founded in 2018, Hex Trust offers crypto custody, staking, brokerage, and financing services to institutional clients with its licenses in Hong Kong and Singapore. The company has a capital markets services license from the Monetary Authority of Singapore and is registered as a trusted company in Hong Kong.

Over the past year, Hex Trust has worked on blockchain projects like Algorand, Terra, Tezos, and Celo, as well as institutions like the UnionBank of the Philippines.

Crypto Custodian Hex Trust Raises $88M in Latest Series B Funding

Institutional custody service Hex Trust has raised $88 million in a Series B funding round co-led by Animoca Brands and Liberty City Ventures.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Crypto Custodian Hex Trust Raises $88M in Latest Series B Funding

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