January 18, 2023, 10:03AM EST
• 57 min read

Hex Trust Company Intelligence

Quick Take

  • Founded in 2018, Hex Trust is a custodian that provides bank-grade custody and associated services (DeFi & staking, brokerage & trading, and financing & structured solutions) through Hex Safe
  • Hex Trust highlighted flexible deployment as a key differentiating point among its competitors, as it offers three deployment options for Hex Safe: full custody, enterprise (on-premise) and custody as a service (software solution)
  • In March 2021, Hex Trust became the first custodian to offer fully licensed NFT custody service
  • In March 2022, Hex Trust closed its $88 million Series B funding co-led by Animoca Brands and Liberty City Ventures (at $300 million valuation)
  • In 2023, Hex Trust plans to (1) launch Hex Safe 3.0 (platform upgrade), (2) continue global expansion with proper compliance standards/licenses, (3) launch its asset management vertical and (4) develop Gryfyn, a GameFi NFT wallet application for retail users (JV with Animoca Brands)
  • In 2022, Hex Trust doubled its headcount and revenue – the company is aiming to double its revenue again in 2023
  • Alessio Quaglini (Co-founder & CEO)  noted that he does not expect the bear market to last that long and Hex Trust should breakeven by the end of this year with market recovery, or early next year depending on the market trend

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