Hex Trust gains Cyberport investment 01 July 2021Hong Kong Reporter: Maddie Saghir
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Hex Trust has secured investment from Cyberport, a fintech hub in Hong Kong, which is wholly owned by the Hong Kong SAR Government.
The investment enables Hex Trust to scale operations, hire key talents across Hong Kong and Asia, and enhance its licencing framework to meet Asia's rising institutional demand for digital assets.
The digital asset custodian Hex Trust will continue enhancing its proprietary bank-grade custody platform, Hex Safe, which offers custody and treasury management services for cryptocurrencies, security tokens and non-fungible tokens.
As a recent alumnus of the Cyberport Incubation Programme, Hex Trust joined the Cyberport community in 2019 and has been provided with financial assistance, a variety of business and professional services, as well as investment opportunities.
Cyberport’s investment follows the successful closure of Hex Trust’s Series A in late March, during which they raised $6 million (USD) from global investors, including QBN Capital, Cell Rising, Genesis Block Ventures and Henri Arslanian.
Hex Trust says it is now positioned to accelerate its growth and to strengthen its credibility in enabling banks and financial institutions to adopt digital assets.
Alessio Quaglini, CEO and co-founder of Hex Trust, comments: “The investment from Cyberport is a great vote of confidence given their track record in backing and developing major unicorns within the industry.”
According to Quaglini, blockchain-based assets are growing in importance with financial institutions mobilising themselves as blockchain establishes itself as the next financial markets’ infrastructure.
Quaglini explains: “Hex Trust will play a leading role in this space, enabling digital assets' adoption for a broad range of regulated financial institutions.”
George Lam, chairman of Cyberport, adds: “Through investing into Hex Trust, the Cyberport Macro Fund has helped attract co-investments from professional investors, thus supporting this high potential start-up to further accelerate its business development.”
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