Strategic Expansion in Digital Assets
Hex Trust, a digital asset financial services provider, has acquired Byte Trading for an undisclosed sum. The acquisition boosts Hex’s market position and broadens its institutional offerings.
From Custody to Full-Service Finance
The acquisition is an extension of Hex Trust’s vision to expand from a digital asset custodian to a comprehensive financial institution. Incorporating Byte Trading’s low-latency trading facility provides depth to Hex’s safe, regulated architecture, further refining execution services to institutional clients.
Recent Developments and Growth
The acquisition follows Hex Trust’s November 2024 launch of E-Trading and a recent funding round headed by Morgan Creek Digital, its overall capital raised exceeding $100 million. The company is expanding beyond custody and staking with initiatives like HT Market MENA, enabling institutional investors to convert crypto to fiat.
Hex Trust CEO Alessio Quaglini stated:
“Hex Trust’s acquisition of Byte Trading is another major milestone in Hex Trust’s strategic expansion. Their world-class technology powers our development, allowing us to meet the growing demands of institutional investors in the digital assets space.”
Challenges Ahead for Institutional Adoption
Institutional adoption of crypto remains uncertain even with Hex Trust’s expansion. A JPMorgan Chase survey states that 71% of investors plan to avoid cryptocurrency in 2025, casting uncertainty over Hex’s market prospects.
What’s Next for Hex Trust?
With three Virtual Asset Service Provider (VASP) licenses from Dubai’s Virtual Asset Regulatory Authority (VARA), Hex Trust is pushing further into regulated markets. The firm also offers OTC trading, corporate treasury risk management, and liquidity solutions.
Since it established its Dubai office in June 2022, Hex Trust has been concentrating on the MENA region and has been working with regulators to build a safe crypto ecosystem. With continued scaling of operations, more acquisitions and expansions can be expected in 2025.
