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Hex Trust raises US$6M in Series A funding to scale up custodial solutions for digital assets

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The growth of digital assets has fuelled the rise of management services. Hex Trust, the alumnus of Cyberport Incubation Programme, has developed Hong Kong’s first institutional custodial solution and infrastructure for digital assets. Recently, the company raised US$6 million in Series A funding to expand its operations. This will allow the company to not only meet Asia’s growing institutional appetite for digital assets, such as cryptocurrencies, security tokens, and non-fungible tokens, but also to contribute to defining the structure of future financial markets.


The latest funding round was led by QBN Capital with participation by a number of global investors in traditional finance and digital assets. This includes Cell Rising, Radiant Tech Ventures, Kenetic Capital, HashKey, MD Labs, Fenbushi Capital, Borderless Capital, Genesis Block Ventures, and Henri Arslanian.
Founded in 2018 by veteran banking technologists, Hex Trust was launched to address the gap between traditional finance and the blockchain market, which has prevented players such as banks, financial institutions, asset managers, exchanges, and corporations from taking advantage of digital assets.


To meet the emerging demand, Hex Trust developed a proprietary blockchain-based platform called Hex Safe™ to give institutional customers the ability to operate digital assets in a regulated and compliant environment. Users can access secure, bank-grade custody and treasury management services such as clearing and settlement, lending and staging, market services (including trade execution, access to liquidity providers and exchanges, and price discovery), and connectivity to DeFi platforms.


As Hong Kong’s first fully licensed and insured trust company that provides market infrastructure for digital assets, Hex Trust now holds more than US$1 billion assets under custody. It has set up offices in Singapore and Ho Chi Minh City and has plans to expand to Europe in 2021.


Alessio Quaglini, CEO and co-founder of Hex Trust, said: “Hex Trust is now perfectly positioned to accelerate its growth and play a leading role in this space, facilitating digital assets adoption for a broad range of regulated financial institutions. We are thrilled to be accompanied in this journey by such established investors and to have received such tremendous support from Cyberport."

 

 

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