Hex Trust, a Hong Kong-based digital asset custodian, today announced that it has secured investment from Cyberport, a technology incubator project backed by the Hong Kong government.
Fast facts:
- Founded in 2018, Hex Trust provides custody and treasury management services for cryptocurrencies, security tokens and non-fungible tokens to banks, financial institutions and digital asset companies.
- Hex Trust intends to use the funding to accelerate the growth of its operations and team across Hong Kong and Asia to meet the region’s rising institutional demand for digital assets, and to expand into Europe. Hex Trust was not able to disclose the funding amount, saying it was associated with the Hong Kong government and that it was not permitted to disclose the amount.
- “[China’s] National 14th Five-Year Plan indicates clear support for Hong Kong to enhance its status as an international asset management center. With the advancement of fintech and blockchain technology, digital assets will become one of the most important asset classes,” said George Lam, chairman of Cyberport. “Through investing into Hex Trust, the Cyberport Macro Fund has helped attract co-investments from professional investors, thus supporting this high-potential startup to further accelerate its business development.”
- Earlier this month, the Hong Kong Monetary Authority unveiled its “Fintech 2025” strategy, calling on the city’s financial sector to embrace technology comprehensively by mid-decade and seize new opportunities in the digital economy. As Hong Kong pushes for fintech innovation in its banking sector and explores central bank digital currencies, the city plans to introduce legislation to restrict crypto trading to professional investors.