Hex Trust Valuation, Funding & Investors

Hex Trust is valued at $300M as of March 2022.

See full Hex Trust profile

Last Hex Trust valuation

$300M

Secondary · Mar 2022

Last Hex Trust funding round

$88M

Series B · Mar 2022

Cumulative funding Hex Trust raised

$104M

across 3 funding rounds

Key investors in Hex Trust

Animoca Brands
Borderless Capital
Fenbushi Capital
GBV Capital
Kenetic
Liberty City Ventures

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Hex Trust Overview

About Hex Trust

Hex Trust is a Hong Kong-headquartered licensed custodian for digital assets offering Hex Safe platform for staking, lending, and trading APIs. Regulated by Hong Kong Trust Ordinance and Singapore MAS CMS license, it secures over 500 million dollars in client assets from Binance and Galaxy Digital. Hex Trust operates nodes for Ethereum, Solana, and Cosmos with multi-party computation wallets and SOC 2 compliance.

Founded

2018

HQ

Hong Kong

Website

hextrust.com

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Valuation

$300M (Mar 2022)

Sectors

Crypto & Web3 Platforms Financial Data & Information FinTech

Hex Trust Valuation

Hex Trust is currently valued at $300M, based on its secondary sale in March 2022.

Hex Trust's valuation has moved from $300M at its Series B in March 2022 to $300M in March 2022, across 2 priced rounds.

Hex Trust valuation by funding round

Hex Trust valuation by funding round
Date	Stage	Valuation
Mar 2022	Secondary	$300M
Mar 2022	Series B	$300M

Hex Trust Funding History

Hex Trust has raised a total of $104M across 3 funding rounds, plus 1 secondary share sale.

Hex Trust's first fundraising round was a $6M Series A in March 2021. The most recent completed round was a $88M Series B in March 2022.

Hex Trust funding rounds

Hex Trust funding rounds
Date	Stage	Investors	Raised	Valuation	Deal Summary
Mar 2022	Secondary	-	$27M	$300M	Hex Trust is Asia's leading digital asset custodian, fully licensed in Hong Kong and Singapore, serving over 200 institutional clients with over US$5 billion in assets under custody as of March 2022. The company provides bank-grade custody solutions via its Hex Safe platform, supporting clients including Algorand Foundation, Terraform Labs, Tezos Foundation, Celo Foundation, Flare Networks, Animoca Brands, Huobi Asset Management, UnionBank of the Philippines, Ripple Labs, and others. In March 2022, Hex Trust closed an US$88 million Series B funding round, comprising US$61 million primary capital and US$27 million from secondary investors. The Series B round was co-led by Animoca Brands and Liberty City Ventures, with participation from Ripple, Terra, Morgan Creek, Primavera Venture Partners, LeadBlock Partners, Eterna Capital, Sino Global Capital, Topaz, and Adrian Cheng of New World Development. This transaction valued Hex Trust at $300 million. Proceeds supported expansion into Europe and the Middle East, additional licenses, Hex Safe development, and new services like financing and structured solutions. Prior to the Series B, Hex Trust raised a US$10 million investment round in October 2021 led by Animoca Brands, with investors including Ripple Labs, Algorand Foundation, BCW Group, Tessera Capital Partners, Mind Fund, Double Peak Group, and Token Bay Capital. At the time of the Series B, Hex Trust had over 100 employees across Hong Kong, Singapore, and Vietnam offices.
Mar 2022	Series B	Animoca Brands (lead); Liberty City Ventures (lead)	$88M	$300M	Hex Trust is Asia's leading digital asset custodian, fully licensed in Hong Kong and Singapore, offering custody services via its Hex Safe platform for institutional clients including Algorand Foundation, Terraform Labs, Tezos Foundation, Celo Foundation, Flare Networks, Animoca Brands, Huobi Asset Management, UnionBank of the Philippines, Ripple Labs, DLA Piper, Sun Hung Kai, Slow Ventures, HOF Capital, and Arrington Capital. The company closed its Series B funding round of US$88 million on March 16, 2022, co-led by Animoca Brands and Liberty City Ventures, with US$61 million in primary capital and US$27 million from secondary investors. Other participants included QBN Capital, Kenetic Capital, HashKey Capital, Fenbushi Capital, Radiant Ventures, Cell Rising, Ripple, Terra, Morgan Creek, Primavera Venture Partners, LeadBlock Partners, Eterna Capital, Sino Global Capital, Topaz, and Adrian Cheng. At the time of the round, Hex Trust reported over 200 institutional clients and more than US$5 billion in assets under custody, with over 100 employees across offices in Hong Kong, Singapore, and Vietnam. The valuation reached $300 million, a 10-fold increase in a year, as stated in coverage of the financing. Funds will support expansion into Europe and the Middle East, obtaining additional licenses, developing Hex Safe, and enhancing services like financing and structured solutions focused on DeFi, NFTs, GameFi, and the metaverse. Hex Trust has pursued strategic initiatives including a joint venture with Animoca Brands in November 2021 for ultra-secure wallets and financial services in GameFi, becoming the first custodian with fully licensed NFT support in March 2021, and integrating networks like Hedera Hashgraph. The firm entered the metaverse by purchasing digital LAND in The Sandbox and positions itself ahead in compliance and innovation to help clients monetize digital assets. Previously, in October 2021, it raised $10 million led by Animoca Brands.
Oct 2021	Series A	Animoca Brands (lead); Cyberport Hong Kong (lead); Algorand Foundation; BCW Group; Token Bay Capital; Tessera Capital Partners; Double Peak Group; Ripple; Mind Fund	$10M	-	Hex Trust raised US$10 million in an investment round on October 5, 2021, led by Animoca Brands with participation from Ripple Labs, Algorand Foundation, BCW Group, Tessera Capital Partners, Mind Fund, Double Peak Group, and Token Bay Capital. The company operates as a digital asset custodian fully licensed in Hong Kong and Singapore. This funding matched the specified investors including Cyberport Hong Kong.
Mar 2021	Series A	QBN Capital (lead); Fenbushi Capital; Cell Rising Capital; Genesis Block Ventures; Radiant Tech Ventures; Kenetic; GBV Capital; Borderless Capital; Hashkey Exchange; Henri Arslanian; MD Labs	$6M	-	Hex Trust is an institutional digital asset custodian offering bank-grade custody solutions through its proprietary platform Hex Safe, including custody, DeFi, brokerage, and financing for financial institutions, digital asset organizations, corporate, and private clients. The company operates offices in Singapore, Hong Kong, Dubai, Italy, and Vietnam, and is fully licensed in Hong Kong and Singapore. On March 29-30, 2021, Hex Trust closed a $6 million Series A funding round led by QBN Capital, with participation from Borderless Capital, Cell Rising Capital, Fenbushi Capital, GBV Capital, Genesis Block Ventures, Hashkey Exchange, Henri Arslanian, Kenetic, MD Labs, and Radiant Tech Ventures. The capital enables scaling operations, hiring key talent in Hong Kong and Singapore to address rising institutional demand in Asia from banks, exchanges, and corporate clients, alongside expansion into Europe via a partnership with SIA. Hex Trust positions itself to support regulated financial institutions adopting digital assets, leveraging blockchain as next-generation financial infrastructure amid growing token-based securities, crypto-assets, and central bank digital currencies.

Who has invested in Hex Trust?

21 investors have backed Hex Trust across its funding rounds, including Animoca Brands, Borderless Capital, Fenbushi Capital, GBV Capital, Kenetic and Liberty City Ventures.

Lead investors include Animoca Brands, Liberty City Ventures, Cyberport Hong Kong and QBN Capital.

Hex Trust Investors

Investors in Hex Trust by funding rounds participated
Investor	HQ	Rounds	Role	First check
Animoca Brands	Hong Kong	2	Lead	Oct 2021
Fenbushi Capital	Shanghai	1	Participant	Mar 2021
Cell Rising Capital	Hong Kong	1	Participant	Mar 2021
Genesis Block Ventures	--	1	Participant	Mar 2021
Radiant Tech Ventures	Hong Kong	1	Participant	Mar 2021
Kenetic	Hong Kong	1	Participant	Mar 2021
Algorand Foundation	Singapore	1	Participant	Oct 2021
Liberty City Ventures	New York City, NY	1	Lead	Mar 2022
QBN Capital	Hong Kong	1	Lead	Mar 2021
BCW Group	Toronto	1	Participant	Oct 2021
Token Bay Capital	Hong Kong	1	Participant	Oct 2021
GBV Capital	George Town	1	Participant	Mar 2021
Borderless Capital	Atlanta, GA	1	Participant	Mar 2021
Tessera Capital Partners	Penfield, NY	1	Participant	Oct 2021
Cyberport Hong Kong	Hong Kong	1	Lead	Oct 2021
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Hex Trust

Hex Trust has acquired 1 company to date.

Last acquisition by Hex Trust was on February 14th 2025. Hex Trust acquired Byte Trading for undisclosed valuation.

Latest Acquisitions by Hex Trust

	Byte Trading
Description	Byte Trading acts as an algorithmic market maker for cryptocurrencies on centralized exchanges like Binance and decentralized platforms such as Uniswap. Amsterdam-based, it supplies liquidity for trading pairs including Bitcoin, Ethereum, and altcoins to minimize spreads and enhance order book depth.
HQ Country
HQ City	London
Deal Date	14 Feb 2025
Valuation	undisclosed
EV/Revenue
EV/EBITDA
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Investments by Hex Trust

Hex Trust has invested in 6 companies to date.

Latest investment by Hex Trust was on January 1st 2026. Hex Trust invested in Everything in their $7M Seed round.

Latest Investments by Hex Trust

	Everything	XION	MANTRA DAO	Kaleidoco
Description	Everything.co facilitates cryptocurrency trading with leverage, rewards programs, and NFT integration directly via Telegram.	XION is a generalized abstraction layer tailored for consumer applications in blockchain technology. Developed by Burnt, the Los Angeles-based platform enables seamless interactions with decentralized finance and Web3 services through its edge computing framework launched in 2023.	MANTRA DAO is a Layer 1 blockchain platform built on Cosmos SDK that enables tokenized real-world assets and securities trading. Dubai-headquartered, it supports staking with variable rates updated periodically and operates MANTRA Nodes for network validation. The ecosystem integrates decentralized finance features like lending and borrowing with regulatory compliance tools for global users. MANTRA has secured custody for its OM token through Fireblocks wallet and focuses on bridging traditional finance with DeFi through permissionless access to RWA tokenization.	Kaleidoco is a San Francisco-headquartered technology firm building infrastructure for Web3 applications, including NFT marketplaces and decentralized identity solutions. The company develops SDKs for Ethereum and Solana, serving gaming studios and DAOs with on-chain analytics since 2022.
HQ Country	-
HQ City	-	New York City, NY	Victoria	Las Vegas, NV
Deal Date	1 Jan 2026	1 Apr 2024	19 Mar 2024	15 Jun 2022
Round	Seed	Series A	Series A	Seed
Raised	$7M	$25M	$11M	$7M
Investors	Jaime Rogozinski; Animoca Brands; Humanity Protocol; Three Point Capital	MH Ventures; GoldenTree Asset Management; Mechanism Capital; Laser Digital; Animoca Brands; Figment Capital; Anti Capital; Innovating Capital; Arrington Capital; Draper Dragon; KuCoin Ventures	Fuse Capital; Shorooq Partners; Caladan; Virtuzone; BlackPine; GameFi Ventures; Token Bay Capital; Three Point Capital; Forte Securities; Mapleblock Capital	Nexo; The Seelig Group; Gemini Space Station; Animoca Brands; Adit Ventures; GameFi Ventures; Jane Street; SuperChain Capital; Beam
Valuation	undisclosed	$500M	undisclosed	$24M
EV/Revenue
EV/EBITDA
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Hex Trust Competitors

Hex Trust competitors include listed companies like ProCap Financial and NZX, and private ones like NFTBank, Flipside Crypto, Paradigm and Singularity.

Public and private companies comparable to Hex Trust
Company	HQ	Status	Revenue	EBITDA	Valuation	Revenue Multiple
NFTBank	Seoul	Private	-	-	$297M	-
Flipside Crypto	Boston, MA	Private	-	-	$350M	-
Paradigm	Singapore	Private	-	-	$400M	-
Singularity	Singapore	Private	-	-	$400M	-
ProCap Financial	United States	Publicly listed	-	-	$304M	-
NZX	New Zealand	Publicly listed	$74M	$30M	$270M	3.4x

Hex Trust Public Comps

Hex Trust is still privately-owned, but its public comps include ProCap Financial, Chaince Digital, NZX, Bakkt, CTOS Digital, Fintel, Bairong AI, HCR Co, Coincheck Group and Value Line.

	Last FY		EV/Revenue			EV/EBITDA
	Revenue	EBITDA	Last FY	LTM	2027E	Last FY	LTM	2027E
ProCap Financial	-	-	-	-		-	-
Chaince Digital	$2M	($3M)	148.5x	-		(97.3x)	-
NZX	$74M	$30M	4.0x	3.4x		9.8x	9.2x
Bakkt	$2.3B	($98M)	0.1x	0.2x		(2.9x)	(27.3x)
CTOS Digital	$80M	$28M	4.4x	4.1x		12.6x	15.6x
Fintel	$115M	$18M	2.7x	2.8x		17.3x	8.4x
Bairong AI	$435M	$14M	-	-		-	-
HCR Co	$75M	($3M)	3.3x	-		(84.3x)	-
Coincheck Group	$3.1B	$354K	0.2x	0.2x		1312.3x	(189.0x)
Value Line	$33M	$29M	8.5x	-		10.0x	-
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Common questions about Hex Trust

When was Hex Trust founded?	Hex Trust was founded in 2018.
Where is Hex Trust headquartered?	Hex Trust is headquartered in Hong Kong, Hong Kong.
Is Hex Trust publicly listed?	No, Hex Trust is a private, VC-backed company.
What is Hex Trust's valuation?	Hex Trust was last valued at $300M in its secondary sale in March 2022.
How much funding has Hex Trust raised?	Hex Trust has raised $104M across 3 funding rounds.
What was Hex Trust's last funding round?	Hex Trust's last funding round was a $88M Series B in March 2022, led by Animoca Brands and Liberty City Ventures.
Who are Hex Trust's investors?	Hex Trust's investors include Animoca Brands, Fenbushi Capital, Cell Rising Capital, Genesis Block Ventures, Radiant Tech Ventures, Kenetic, Algorand Foundation, Liberty City Ventures, QBN Capital, BCW Group and 11 others.
Which companies are comparable to Hex Trust?	Companies comparable to Hex Trust include NFTBank, Flipside Crypto, Paradigm, Singularity, ProCap Financial and NZX.
How many companies has Hex Trust acquired?	Hex Trust has acquired 1 company, including Byte Trading.
How many companies has Hex Trust invested in?	Hex Trust has invested in 6 companies, including Everything, XION, MANTRA DAO, Kaleidoco, Neptune Mutual and Clearpool.
What was Hex Trust's last investment?	In January 2026, Hex Trust invested in Everything's $7M seed round alongside Jaime Rogozinski, Animoca Brands, Humanity Protocol and 1 other investor.

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