Digital asset firm Hex Trust has received “strategic” funding from Morgan Creek Digital in advance of a forthcoming Series C funding round. Other investors were said to also have participated in the funding. Hex did not disclose the details of the investment but shared that total funding to date is over $100 million.
Hex, based in Hong Kong but with offices around the world including registrations in Europe, provides digital asset services like custody, staking, and over-the-counter trading.
The company pointed to growing demand for institutional grade digital asset services adding that the capital injection will e used to boost staking, expand markets and potentially acquire other firms.
Alessio Quaglini, CEO and co-founder of Hex Trust, said the funding paves the way for the next round later this year.
Xavier Segura, GP of Morgan Creek Digital, noted that Hex currently reports over 300 institutional clients and over $5 billion in assets under custody. He believes they are well positioned for growth due to their focus on compliance and seamless integration.