Digital custody infrastructure provider Hex Trust raises US$6m from investors

Business | 29 Mar 2021 12:52 pm

Digital assets custodian, Hex Trust, which has offices in Hong Kong and Singapore, has raised US$6 million in Series A funding, from a range of leading global investors in traditional finance and digital assets.

The funding round was led by QBN Capital. Others include, Cell Rising, Radiant Tech Ventures, Kenetic Capital, HashKey, MD Labs, Fenbushi Capital, Borderless Capital, Genesis Block Ventures and Henri Arslanian, Hex Trust announced.

Hex Trust said it was set up in Hong Kong in 2018 by banking technologists Alessio Quaglini (BBVA, Accenture), Rafal Czerniawski (CLSA). It has more than over US$1 billion assets under custody. Huobi Asset Management's recent SFC approved fund is among its clients, Hex Trust said.

The investment enables Hex Trust to scale operations and hire key talents to meet Asia's institutional interest in digital assets, especially from banks, exchanges and corporate clients, the trust said.

The funds will be used to continue improving its proprietary bank-grade custody platform, Hex Safe, and staying at the forefront of innovation in the digital asset ecosystem. Hex Safe offers among the broadest range of custody and treasury management services for cryptocurrencies, security tokens and, recently, non-fungible tokens, the trust said.

Additional treasury management services include lending, borrowing, staking services, and connectivity to DeFi platforms. Enhancing the platform's compliance module to comply with the latest regulatory developments will be another key focus area. Hex Trust aims to ensure seamless access to digital assets within a compliance-focused framework whilst providing the highest levels of security available in the market.

Alessio Quaglini, chief executive and co-founder, said the trust is poised to enable digital assets adoption for a broad range of regulated financial institutions.

Frank Tong, managing partner of QBN Capital, said Hex Trust would offer technologies and solutions to tightly regulated financial institutions that are heavily guarded by risks and compliance regulations.

Jehan Chu, founder and managing partner of Kenetic and director of Hex Trust, said that with veteran banking expertise, enterprise-grade technology and a nuanced understanding of crypto across trading, DeFi, and even NFTs, Hex Trust is Asia’s bridge between the old financial world and the new digital reality.


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