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Animoca, Ripple Back Crypto Custodian at $300 Million Value

  • Hex Trust closed $88 million round; Terra, Primavera invested
  • Firm has $5 billion in assets under custody from institutions
Alessio Quaglini
Alessio QuagliniSource: Hex Trust
Updated on

Hex Trust, a Hong Kong startup offering custody services for crypto assets, has seen its valuation rise 10-fold in a year to $300 million with a financing round led by Animoca Brands and Liberty City Ventures.

The Series B round, which raised $88 million, also garnered participation from new investors including Ripple, Terra, Morgan Creek and Primavera Venture Partners, the startup said in a statement Wednesday. The firm had raised $6 million in March 2021, said co-founder and Chief Executive Officer Alessio Quaglini.