Hex Trust

Company and ownership

Hex Trust was founded in 2018 and runs from two global hubs, Hong Kong and Dubai, with regional offices in Singapore and Ho Chi Minh City and an office in Italy. Co-founders Alessio Quaglini (CEO) and Rafal Czerniawski (chief information security officer) run the company, and Rajah Thiyagarajah chairs the board.

Outside investors fund the business. QBN Capital led a $6 million Series A in March 2021. Animoca Brands led a $10 million round that October, then co-led an $88 million Series B with Liberty City Ventures in March 2022, of which $27 million was secondary. Morgan Creek Digital led a strategic investment in February 2025, when Hex Trust said total funding had passed $100 million. The same month it bought the low-latency trading platform Byte Trading, its first acquisition.

Custody model and security

Hex Safe, the company's custody platform, generates keys inside Securosys Primus X200 hardware security modules validated to FIPS 140-3 Level 3, and keys are never exposed in clear text. Wrapped keys are kept in multiple vaults in different locations, and access needs several approvals. Safe Vault offers near-instant access behind an m-of-n approval quorum. Safe Plus Vault keeps assets offline with an extra quorum run by Hex Trust's operations team, and access takes under two hours. Both vault types are air-gapped and receive data only through one-way data diodes. Wallets are segregated on-chain, and client assets sit in an insolvency-remote legal structure.

Deloitte completed SOC 2 Type I in March 2022 and SOC 1 Type I and Type II in February 2023. AssuranceLab followed with SOC 2 Type II in December 2023, the same month Hex Trust gained CSA STAR Level 2 certification.

Regulation and insurance

In Hong Kong, Hex Trust is a registered trust company under the Trustee Ordinance and holds a Trust or Company Service Provider license. In Singapore, Hex Technologies Pte Ltd has held a MAS Major Payment Institution license since March 1, 2025, covering digital payment token services such as custody and OTC trading. Dubai's VARA register shows two active licenses: Hex Trust MENA FZE for custody services (VL/23/08/002, issued November 15, 2023) and HT Markets MENA FZE for broker-dealer services (VL/23/08/003, issued May 31, 2024). No license in the European Union appears on the current Trust Center.

Insurance cover tops out at $25 million in aggregate across all clients. It covers custodian fraud or dishonesty and physical loss of or damage to private keys. Clients can arrange dedicated cover with the lead insurer for an extra premium.

Products and integrations

Hex Safe supports 501 assets on 31 blockchains, and WalletConnect links custody wallets to more than 17,000 dApps. Staking is native and custodial, covering networks including Ethereum, Solana, Celestia and Injective, plus Bitcoin staking through partners such as Babylon. Liquid staking runs through Lido for ETH and Jito for SOL, and in January 2026 Hex Trust became a super validator on the Canton Network. The markets business handles OTC execution and lending, and an October 2026 partnership with BCB Group widened its fiat on- and off-ramps. Hex Trust also issues wXRP, backed one-for-one by XRP in segregated custody and moved across chains through LayerZero. Convert-to-Pay is a payment API for regulated payment providers that accept digital assets and settle in fiat. Aura, launched in February 2026, extends the business to private wealth clients. Fireblocks added Hex Trust to its Custody Network in November 2025 as a qualified custodian for Asia-Pacific and the Middle East.