Ah, the sweet scent of progress wafts through the digital asset world! Hex Trust, a provider of financial services for digital assets, has acquired Byte Trading for an undisclosed price. The goal? To enhance Hex’s markets and prime services for institutional investors, of course!
This acquisition marks a new milestone in Hex Trust’s evolution from a mere custodian to a full-service financial institution. The announcement, made on a Friday (because why not?), follows Hex Trust’s launch of E-Trading in November 2024 and a recent funding round with Morgan Creek Digital. All this brings Hex Trust’s total capital raised to over $100 million.
By integrating Byte Trading’s low-latency trading platform into its secure, regulated infrastructure, Hex Trust aims to offer seamless execution and expanded institutional-grade services. As Hex Trust CEO Alessio Quaglini said in a prepared statement, “Their best-in-class technology accelerates our transformation, empowering us to meet the growing demands of institutional investors in the digital assets space.”
But wait, there’s more! Hex Trust’s expansion goes beyond custody and staking. The company launched HT Market MENA in December, enabling institutional investors to convert crypto to fiat through its licensed custody platform. The firm also recently partnered with DeFi protocol Clearpool to introduce Ozean, a blockchain platform focused on real-world asset yield.
Now, whether Hex’s efforts will pique the interests of institutional investors remains to be seen. According to a recent JPMorgan Chase survey, 71% of investors plan to avoid cryptocurrency in 2025. But hey, who doesn’t love a good challenge?
What’s next for Hex Trust?
As Hex Trust continues to scale its institutional offerings, this acquisition signals the company’s aggressive growth strategy for 2025, with further expansion plans on the horizon. Hex Trust holds three Virtual Asset Service Provider licenses from Dubai’s Virtual Asset Regulatory Authority (VARA). The company covers custodial services, brokerage and dealing, and virtual asset management—under which HT Markets MENA FZE operates.
The firm also offers OTC trading solutions, corporate treasury risk management, and deep liquidity access. Since opening its Dubai office in June 2022, Hex Trust has focused on expanding in the MENA region while collaborating with VARA to ensure a secure crypto trading environment.
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2025-02-16 00:08