Asian digital asset custody firm Hex Trust announced an $88 million Series B funding round led by blockchain games firm Animoca Brands and Liberty City Ventures with a long list of other participants. It also revealed that it has 200 institutional clients and $5 billion in assets under custody.
With licenses in Hong Kong and Singapore, the startup plans to use the funding to expand into Europe and the Middle East.
The custody sector has attracted massive funding rounds. Fireblocks, with $45 billion in assets under custody, has raised more than $1 billion to date. It boasts BNY Mellon as a client. State Street Digital has just announced a deal with UK-based Copper, which raised a $50 million Series B funding.
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