Digital asset financial services provider Hex Trust has acquired BYTE transactions at a private price.
The purpose of this move is to enhance the hex market and key services for institutional investors, while marking new milestones in the evolution of startups from custodians to full-service financial institutions.
The deal, announced Friday, saw the launch of Hex Trust's e-Trading in November 2024, followed by a recent funding round with Morgan Creek Digital, with total capital increased to more than $100 million. . By integrating BYTE trading's low-latency trading platform into a secure, regulated infrastructure, HEX Trust aims to provide seamless execution and expanded institutional-grade services.
“The acquisition of BYTE TRADING marks another important milestone in HEX Trust's strategic development,” Hex Trust CEO Alessio Quaglini said in a prepared statement. “Their best-in-class technology can accelerate our transformation and meet the growing demand for institutional investors in the digital assets space.”
The expansion of Hex Trust goes beyond custody and staking, with the company launching HT Market MENA in December allowing institutional investors to convert Crypto to Fiat via a licensed custody platform . The company recently partnered with Defi Protocol ClearPool to introduce Ozean, a blockchain platform focusing on real asset yields.
It remains to be seen whether Hex's efforts will peak institutional profits. According to a recent JPMorgan Chase survey, 71% of investors plan to circumvent cryptocurrency in 2025.
What's next for Hex Trust?
As HEX Trust continues to expand its facility offering, the acquisition marks the company's aggressive growth strategy for 2025, with plans to expand further on the horizon.
Hex Trust holds three virtual asset service provider licenses from Dubai's Virtual Asset Regulator (VARA). The company covers custody services, brokerage and transaction, and virtual asset management operated by HT Markets Mena Fze.
The company also offers OTC trading solutions, risk management for the Corporate Treasury, and deep liquidity access.
Since opening its Dubai office in June 2022, Hex Trust has worked with VARA to ensure a secure crypto trading environment, focusing on expanding in the MENA region.
