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The company said that the need for massive institutions to conform to digital tokens has skyrocketed, which has led to an increased demand for licensed custody services for compliance with the regulatory standards
An Asian digital asset custodian called the Hex Trust revealed the closure of its Series B round of funding that generated $88 million. While the announcement was made on Wednesday, the funding round was led by Animoca Brands and Liberty-City Ventures.
Some of the major participants in the funding round included Ripple, an open-source blockchain platform for algorithmic stablecoins called Terra, Morgan Creek, and Primavera Venture Partners, among others. Adrian Cheng, who is currently the Chief Executive Officer of the Hong Kong real estate group New World Development, also took part in the round.
According to the official statement, Hex Trust’s Series B round constituted $61 Million of Primary capital and $27 Million from the secondary investors. The funds collected from this round will be utilized in the expansion of the trust’s operation to Europe and the Middle East, specifically to acquire licenses and resume their extensive work on the creativity and innovation of the Hex SafeTM.
At present, the Hex Trust consists of around a hundred employees working in several offices around Hong Kong, Singapore, and Vietnam.
In an official statement given out by the company, it was said that the need for massive institutions to conform to digital tokens has skyrocketed, which has led to an increased demand for licensed custody services for compliance with the regulatory standards. According to Alessio Quaglini, who is currently the Chief Executive Officer and Co-founder of Hex Trust, the company has always believed in “staying ahead of the curve” when it comes to licensing and compliance.
In the past few years, Hex Trust has developed steadily and brought in several elite projects and customers like Algorand Foundation, Terraform Labs, Tezos Foundation, Celo Foundation, Flare Networks, Animoca Brands among others.
According to the Executive Chairman and Co-Founder of Animoca Brands, Yat Siu, the growth of Hex Trust since the first investment 7 months ago has been phenomenal with the technology platform becoming more advanced with each passing day. Adding to this, Yat Siu also claimed that the Trust seems to be at an impressive stage where it can indulge in the various genres like NFTs, GameFi, and also, the metaverse.
Hex Trust is known for providing completely licensed and insured bank-grade custody for digital tokens. Hex SafeTM, which is its proprietary platform, offers custody, with safe and convenient access to DeFi, prime brokerage, etc. The company, at present, is at the center of industry innovation.
Recently in March, Hex Trust became the first custodian to deliver completely licensed support of Non-Fungible Tokens while revealing a partnered venture with Animoca Brands in November 2021.
It will provide its highly secure digital asset wallet technology and custody infrastructure to connect seamlessly with Animoca Brands’ blockchain-based games to support the growth of the rapidly expanding GameFi ecosystem. Recently in February, Hex Trust divulged into the metaverse space by buying an estate in The Sandbox’s recent LAND sale in the Web 3 Zone.