Crypto custodian Hex Trust secures key Singapore license

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Digital asset custodian Hex Trust has obtained a key licence from the Monetary Authority of Singapore. (PHOTO: Getty)

By Joanna Ossinger

(Bloomberg) — Digital asset custodian Hex Trust has obtained a key licence from the Monetary Authority of Singapore.

The Capital Markets Services license will allow Hex Trust to provide custodial services regulated under Singapore’s Securities and Futures Act. Calvin Shen, the company’s head of sales and business development, will relocate to Singapore to lead the business expansion of the new branch office, according to a statement on Tuesday.

“We are fully committed to expand in this market and to serve as strategic partners to financial institutions and digital asset natives,” Alessio Quaglini, chief executive officer and co-founder of Hex Trust.

Hex Trust has more than 100 institutional clients including banks, exchanges, investment funds and corporations across Asia and Europe. In March, the company closed a Series A funding round that raised $6 million. Earlier this month, it announced a partnership with Union Bank of the Philippines.

The company has offices in Hong Kong and Singapore and is expanding to the European market this year.

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