Hong Kong-based digital asset custody service provider Hex Trust has raised US$10 million in an investment round led by Animoca Brands.
Animoca Brands, which integrates entertainment and gamification with blockchain technology, will serve as a strategic partner to Hex Trust as the custodian rolls out additional services covering the non-fungible tokens (NFTs) market.
Other investors include Ripple Labs, Algorand Foundation, BCW Group, Tessera Capital Partners, Mind Fund, Double Peak Group, and Token Bay Capital.
Several investors of the US$6 million Series A round closed earlier this year also participated, including QBN Capital, Kenetic Capital, MANTRA DAO, Borderless Capital, Radiant Tech Ventures, and Cell Rising Capital.
Hex Trust said that it plans to further enhance the institutional-grade market infrastructure and sophisticated security frameworks underpinning the custody and other value-added services it provides through its proprietary bank-grade platform Hex Safe.
The company added that it is looking to “establish itself as a leading custodian in the NFT space”.
The fresh capital will also enable Hex Trust to expand its operations across the Singapore and Vietnam offices, as well as establish its footprint in Europe and the Middle East.
Hex Trust will use the capital raised to secure additional regulatory licenses in addition to the Capital Markets Services (CMS) license it had recently secured from the Monetary Authority of Singapore (MAS).
“There has never been a stronger drive behind the adoption of digital assets, with institutional investors in particular eager to integrate and adopt this new asset class within secure and compliant frameworks.
It is the perfect time to invest in scaling operations, hiring key talent, and building top-tier infrastructure to seize the opportunities in this rapidly evolving and growing market.”
Alessio Quaglini, CEO and Co-founder of Hex Trust.
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