Hex Trust Extends Institutional Crypto Services with Byte Trading Acquisition
As regulatory heat on crypto intensifies, Hex Trust’s Byte Trading acquisition illustrates its strategic push into institutional-level financial services. With new capital from Morgan Creek Digital, the firm is doubling down on efforts to offer end-to-end solutions to institutional investors.
Strengthening Institutional Offerings
Hong Kong crypto custodian Hex Trust announced on Friday that it purchased Byte Trading for an undisclosed sum. The move expands its presence in institutional markets by bringing Byte Trading’s advanced trading platform to its custody and prime services.
According to a press release made available, the transaction enhances Hex Trust’s ability to cater to institutional clients in line with its November 2024 launch of the E-Trading platform, a key component of its long-term growth strategy.
Combining Byte Trading’s Low-Latency Trading Technology
Byte Trading is renowned for its low-latency trading platform, designed for high-speed execution.
Hex Trust said the integration of Byte Trading’s technology would enhance its trading services, offering institutions a smoother, more efficient, and secure digital asset trading experience.
“Hex Trust’s acquisition of Byte Trading represents another significant step in the company’s strategic evolution,” stated Alessio Quaglini, Hex Trust’s CEO and Co-founder. “Their industry-leading technology propels our evolution as a custody provider to a global, full-service financial institution to better serve institutional investors’ escalating needs in digital assets.”
Hex Trust also recently raised new funding in a round led by Morgan Creek Digital, with contributions from a number of other international investors, including Injective. Funding supports Hex Trust’s plan to complete a Series C round sometime later in 2025.
Morgan Creek Digital general partner Xavier Segura is confident Hex Trust can serve the future evolving needs of institutional clients through its work of redefining the future of institutional crypto services.
The Future of Institutional Crypto Services
Hex Trust is a regulated business founded in 2018 that specializes in custody, staking, markets, and investment solutions for institutions, banks, and exchanges.
With its recent fundraise and acquisition, Hex Trust is doubling down on regulation and security while betting on the future of institutional crypto services with seamless, end-to-end platforms.
Yet as Hex Trust is building custody and execution together, a key question remains—will this model catalyze institutional adoption, or does it present new risks? As the market continues to develop, the firms that get the balance right will establish the template for the next generation of digital asset finance.
