Asian Crypto Custodian Hex Trust Raises $88M from Ripple and Animoca Brands (edited)
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Hex Trust, a cryptocurrency custodian focused on Asian region, has raised $88 million in a Series B funding round co-led by Animoca Brands and Liberty City Ventures. According to a press release, other investors, including Ripple, Terra, Morgan Creek and BlockFi also participated. The custodian says the latest funding will be used to scale to Europe and the Middle East in addition to obtaining additional licenses.

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Alessio Quaglini, CEO and Сo-Founder of Hex Trust, says that the funding reflects the continuation of crypto adoption among large institutions. Quaglini notes big players need fully licensed custody services to meet compliance and regulatory standards. He added:

"Our mission at Hex Trust remains the same: to stay 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."

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The Hong Kong-based company onboarded high-profile projects and clients such as Algorand Foundation, Terraform Labs, Tezos Foundation, Celo Foundation, Flare Networks and others. Currently, Hex Trust has over 200 institutional clients.

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