Hex Trust raises $88 million Series B led by Animoca Brands and Liberty City Ventures

Hex Trust, the custodial service, closed its Series B funding round at $88 million. It was led by NFT game operator Animoca Brands and venture fund Liberty City Ventures.

Hex Trust reaches another huge milestone: raising US$88 million in #SeriesB funding, led by @animocabrands & @LCVentures.
Thanks to our team, partners, clients, & investors — a collective effort and a privilege to be on this exciting journey together.https://t.co/ebXOBBpCVE pic.twitter.com/y6JDYadBJY

— Hex Trust (@Hex_Trust) March 16, 2022

The round also included Ripple, Terra, BlockFi, CoinList, Wintermute, Morgan Creek, Sino Global Capital, Primavera Venture Partners, and others.

Hex Trust CEO Alessio Qualini told The Block in a comment that the custodian had originally planned to raise $30 million, but increased the size of the round amid investor interest.

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

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

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