Hong Kong digital asset custodian bags $6m in QBN-led round

Digital asset custody service provider Hex Trust said it raised US$6 million in its series A round led by early and growth-stage investor QBN Capital.

Other backers in the fundraise include Cell Rising, Radiant Tech Ventures, Kenetic Capital, HashKey, MD Labs, Fenbushi Capital, Borderless Capital, Genesis Block Ventures, and Henri Arslanian.

Photo credit: Hex Trust

The Hong Kong-licensed startup built a bank-grade platform to deliver custody solutions for financial institutions, asset managers, exchanges, and corporations. Its Hex Safe offering allows clients to access liquidity providers, exchanges, as well as lending and staking services while keeping their assets safe in a secure and regulated platform.

Since being founded in 2018, Hex Trust claims to have US$1 billion in assets under custody with clients such as Huobi Asset Management’s fund, which was recently approved by the Hong Kong Securities and Futures Commission.

It plans to use the fresh capital to further enhance its custody platform and hire key talent in its Hong Kong and Singapore offices. In 2021, the company will focus on its expansion plans in Europe, having already inked a partnership with banking technology infrastructure firm SIA.

“We are past the inflection point, as blockchain has established itself as the next financial markets infrastructure,” shared Hex Trust CEO and co-founder Alessio Quaglini. “Financial institutions are quickly making their moves, and the next 12 months will be critical to define the structure of the overall market.”