Custodian Hex Trust Raises $88M From Animoca Brands and Liberty City Ventures

Custodian Hex Trust has closed a $88M Series B funding round led by NFT gaming operator Animoca Brands and Liberty City Ventures.

Ripple, Terra, BlockFi, CoinList, Wintermute, Morgan Creek, Sino Global Capital, Primavera Venture Partners and others have also participated in the investment round.

Hex Trust CEO Alessio Quaglini has said in a comment to The Block that initially the custodian expected to raise $30 million, but increased the amount of funding due to investor interest.

The service will use the funds received to expand the team from 100 to 160 people by the end of 2022 and expand in the Middle East and Europe. In April, the service intends to open an office in Dubai.

In November 2021, Animoca Brands and Hex Trust announced a joint venture to develop an institutional digital wallet and launch financial services for gamers.