Hex Trust Closes Series A Raising US$6 Million

Hex Trust Closes Series A Raising US$6 Million

March 30, 2021

We’re delighted to announce the successful close of our Series A, raising US$6 million from a range of leading global investors in both traditional finance and digital assets.

The round was led by QBN Capital. Investors also joining the round include Cell Rising, Radiant Tech Ventures, Kenetic Capital, HashKey, MD Labs, Fenbushi Capital, Borderless Capital, Genesis Block Ventures and Henri Arslanian.

Hex Trust was set up in Hong Kong in 2018 by veteran banking technologists Alessio Quaglini (BBVA, Accenture), Rafal Czerniawski (CLSA) and award-winning financial services experts to empower regulated financial institutions to adopt digital assets. With over US$1 billion assets under custody, Hex Trust has established itself as the leading digital asset custodian in Asia and has a range of banking and digital asset clients, including Huobi Asset Management’s recent SFC approved fund.

The investment enables Hex Trust 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. In 2021, Hex Trust will also focus on our expansion into the European market, where we have already closed a strategic partnership with SIA, the European leader in banking technology infrastructure.

The funds will be used to continue enhancing our 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, NFTs.

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.

“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.” — Alessio Quaglini, CEO & Co-founder of Hex Trust

“Custody of digital assets is among the most necessary and basic ecosystem component to our evolving financial market infrastructure that is being rapidly transformed to include token-based asset-backed securities, crypto-assets and central-bank digital currencies. With the rich banking and custody experience in the management team and advisors, Hex Trust is best placed to offer technologies and solutions to tightly regulated financial institutions that are heavily guarded by risks and compliance regulations. QBN is pleased to add Hex Trust to our portfolio of companies working on digital assets and FMI. We believe they will play an important role in Hong Kong becoming the international financial centre for China and digital assets trading hub in APAC.” — Frank Tong, Managing Partner of QBN Capital

“Hex Trust provides critical custody infrastructure for investors, funds, and institutions who prefer a trusted, regulated solution outside of the US jurisdiction. With veteran banking expertise, enterprise-grade technology and a nuanced understanding of crypto across trading, DeFi, and even NFT’s, Hex Trust is Asia’s bridge between the old financial world and the new digital reality.” — Jehan Chu, Founder and Managing Partner of Kenetic and Director of Hex Trust

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