The Series B round was supported by Animoca Brands, Liberty City Ventures, Morgan Creek, Ripple, Primavera Venture Partners, BlockFi, Wintermute, Terra, and Sino Global Capital

​Crypto service Hex Trust has raised investments of $88 million

17.03.2022 - 07:15

25

1 min

What’s new? Hex Trust, a crypto custodial service, has announced the successful completion of its Series B funding round. The total amount of funds raised was $88 million. According to the company’s CEO Alessio Quaglini, the initial plans included raising $30 million, but higher interest from investors led to an increased allocation.

News on The Block’s website

What will the investments be used for? Hex Trust plans to use the proceeds to expand the company’s staff and hire more than 60 new employees. Other major plans include the service’s development in the markets of Europe and the Middle East, including opening an office in the UAE.

Hex Trust is a licensed custodial service for institutional investors, providing custody, brokerage, and project finance services.

Custodial is defined as a service that provides custody of digital assets and users’ private keys.

Author:

Michael Golikov Michael Golikov

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy