Hex Trust Raises $6M in Series A Led by QBN Capital

Digital asset custodian Hex Trust has completed a multimillion-dollar raise from prominent cryptocurrency and traditional investors to further its products and scale its operations.

According to a press release shared with CoinDesk on Monday, the custodian, which is licensed as a trust company in Hong Kong, has raised $6 million in a Series A funding round led by QBN Capital.

Other investors included Cell Rising, Radiant Tech Ventures, Kenetic Capital, HashKey, MD Labs, Fenbushi Capital, Borderless Capital, Genesis Block Ventures and Henri Arslanian.

The investment, Hex Trust said, will allow the company to hire "key talents" based in Hong Kong and Singapore in order to meet what it called "Asia's soaring institutional interest in digital assets."

“We are past the inflection point as blockchain has established itself as the next financial markets infrastructure," said Hex Trust's CEO, Alessio Quaglini. "The next 12 months will be critical to define the structure of the overall market."

See also: Hex Trust Launches Licensed Custody Service for Non-Fungible Tokens

Earlier this month the platform launched a secure way of storing non-fungible tokens (NFTs) via its NFT Safe service. The service provides custody support to NFT collectors and investors within its Hex Safe platform.

The funds coming from the raise will also be used to flesh out the Hex Safe offering while building out the platform's compliance module in order to move in lockstep with regulatory developments, according to the release.