Hex Trust, a Hong Kong-based digital asset custodian, has raised US$6 million in a Series A funding round. The financing was led by QBN Capital, and participated in by Cell Rising, Radiant Tech Ventures, Kenetic Capital, HashKey, MD Labs, Fenbushi Capital, Borderless Capital, Genesis Block Ventures, and Henri Arslanian.
The company says the investment will enable it to scale operations and hire key talents in Hong Kong and Singapore to meet Asia's soaring institutional interest in digital assets, especially from banks, exchanges and corporate clients. This year Hex Trust will also focus on its expansion into the European market, where it has already closed a strategic partnership with SIA, a European provider of banking technology infrastructure.
Hex Trust was set up in Hong Kong in 2018 by veteran banking technologists Alessio Quaglini (BBVA, Accenture), Rafal Czerniawski (CLSA) and financial services experts to enable regulated financial institutions to adopt digital assets.
With over US$1 billion of assets under custody, Hex Trust has a range of banking and digital asset clients, including Huobi Asset Management's fund recently approved by the Securities and Futures Commission.
The latest investment will be used to continue enhancing the firm’s proprietary bank-grade custody platform, Hex Safe, which offers a broad range of custody and treasury management services for cryptocurrencies, security tokens and, recently, NFTs (non-fungible tokens).
Quaglini, chief executive officer and co-founder of Hex Trust, says: “We are past the inflection point, as blockchain has established itself as the next financial markets infrastructure. Financial institutions are quickly making their moves, and the next 12 months will be critical to define the structure of the overall market. Hex Trust is now perfectly positioned to accelerate its growth and play a leading role in this space, enabling digital assets adoption for a broad range of regulated financial institutions. We are thrilled to be accompanied in this journey by such established investors.”