Hex Trust, which offers crypto custody, staking, brokerage, and financing services to institutional clients in Hong Kong and Singapore, raises an $88M Series B
Quick Take — Asian crypto custodian Hex Trust has raised $88 million. — Animoca Brands and Liberty City Ventures co-led the round.
Context & Ripple Effects
Hex Trust enters a regional institutional-crypto field already attracting substantial growth funding: Singapore-based custody and financial-services provider Cobo raised $40M, while Hong Kong-based trading and asset-management firm Amber Group raised $100M. Hex’s broader mix of custody, staking, brokerage, and financing puts it across several of those service lines rather than in a single product category.
The round also fits a wider push to fund the operational layer around crypto markets, alongside Paxos’s $300M settlement-services round. Animoca Brands and Liberty City Ventures are backing Hex as it serves institutional clients in Hong Kong and Singapore.
First-order effects
- Hex Trust gains $88M to build out its custody, staking, brokerage, and financing offering for institutional customers in Hong Kong and Singapore.
- Animoca Brands and Liberty City Ventures become co-lead investors in a provider whose services span asset safekeeping and market access.
Second-order effects
- Cobo and Amber Group face a better-funded regional peer pursuing overlapping institutional crypto-service demand, raising the importance of breadth across custody, trading, and financing.
- The financing reinforces investor appetite for firms that package multiple institutional crypto functions, rather than treating custody as a standalone service.
Third-order effects
- If comparable funding continues, institutional crypto infrastructure in Hong Kong and Singapore is likely to organize around integrated service providers that combine trust, access, and financing.
- The pattern points to competitive separation between firms able to fund a full institutional stack and narrower specialists, though the supplied coverage does not establish which model will prevail.
The trend: Institutional crypto investment is concentrating on platform-like providers that combine custody with adjacent financial services across Asian hubs.