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    Hex Trust Raised $88M for Crypto Custody

    Hex Trust, a crypto custody provider for Asia, has raised $88 Million in a round of funding co-led jointly by Liberty City Ventures and Animoca Brands.

    The Series B funding round will help the company scale up to Europe and Middle East, and obtain additional licenses. Hex Trust employs more than 100 people across its offices in Hong Kong Singapore and Vietnam.

    “From a licensing perspective, we are getting a license in Dubai and we’re studying Europe on this and where to go,” said Hex Trust CEO Alessio Quaglini in an interview. “Operationally, we are looking at opening offices in the Middle East and Europe.”

    Crypto custody firms have come to command high values for providing the complex technology required to safeguard digital assets controlled by regulated institutions like banks.

    Over the past year, Hex Trust has begun working with high-profile blockchain projects like Algorand, Terra, Tezos and Celo, as well as institutions like the UnionBank of the Philippines, the latter being part of Hex Trust’s integration with IBM’s digital assets division.

    Ripple, Terraform Labs Morgan Creek and Primavera Venture Partners were among the other participants. LeadBlock Partners, Protocol Labs as well as Adrian Cheng (CEO, Hong Kong’s real estate giant New World Development) were also included in the round.

    Hex Trust raised a $6 million Series A in the first quarter of last year. Animoca Brands led a further $10 million of fresh funding in October 2021.

    “This collaboration [with Animoca] is to bring an institutional-grade platform to the GameFi market,” Quaglini said. “Our infrastructure will be provided to the consumer base in the Animoca Brands ecosystem. So, bringing gamers that don’t know how to use blockchain to true digital asset ownership.”

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