Hex Trust, a provider of financial services for digital assets, has acquired Byte Trading at an undisclosed amount.
This strategic move is designed to bolster Hex’s market and prime services for institutional investors, marking a significant step in the startup’s transformation from a custodian to a comprehensive financial institution.
The announcement made on Friday follows Hex Trust’s introduction of E-Trading in November 2024, alongside a successful funding round with Morgan Creek Digital, which has increased its total capital raised to beyond $100 million. By incorporating Byte Trading’s low-latency trading platform into its secure and regulated framework, Hex Trust seeks to provide effortless execution and enhanced institutional-grade services.
“The acquisition of Byte Trading signifies another crucial milestone in Hex Trust’s strategic journey,” stated Hex Trust CEO Alessio Quaglini in a formal statement. “Their top-notch technology propels our transformation forward, equipping us to address the rising demands of institutional investors within the digital assets sector.”
Hex Trust’s growth extends beyond merely custody and staking services, with the company having launched HT Market MENA in December. This initiative allows institutional investors to convert crypto into fiat via its licensed custody platform. The firm also recently partnered with DeFi protocol Clearpool to roll out Ozean, a blockchain platform designed for real-world asset yield.
It remains uncertain whether Hex’s efforts will attract the interest of institutional investors. A recent survey by JPMorgan Chase indicates that 71% of investors plan to steer clear of cryptocurrency in 2025.
What’s next for Hex Trust
As Hex Trust scales its offerings for institutional clients, this acquisition reflects the company’s ambitious growth strategy for 2025, with additional expansion plans in the pipeline.
Hex Trust holds three Virtual Asset Service Provider licenses issued by Dubai’s Virtual Asset Regulatory Authority (VARA). The company offers a range of services including custodial services, brokerage and trading, and virtual asset management—under which HT Markets MENA FZE operates.
The firm also provides OTC trading solutions, corporate treasury risk management, and access to deep liquidity.
Since establishing its Dubai office in June 2022, Hex Trust has prioritized growth within the MENA region while working with VARA to create a secure crypto trading landscape.
