Hex Trust, a provider of digital asset financial services, has announced the acquisition of Byte Trading for an undisclosed amount.
This strategic move is designed to enhance Hex’s market and prime services tailored for institutional investors, representing a significant evolution from its role as a custodian to a comprehensive financial institution.
The acquisition, confirmed on Friday, comes on the heels of Hex Trust’s launch of E-Trading in November 2024 and a successful funding round led by Morgan Creek Digital, which has brought the company’s total capital raised to over $100 million. By integrating Byte Trading’s advanced low-latency trading platform within its secure and regulated infrastructure, Hex Trust aims to provide streamlined execution and a broader array of institutional-grade services.
“The acquisition of Byte Trading is a pivotal development in Hex Trust’s strategic roadmap,” stated Hex Trust’s CEO. “Their state-of-the-art technology accelerates our transformation, positioning us to effectively meet the rising demands of institutional investors in the digital asset sector.”
Expanding its services beyond custody and staking, Hex Trust launched HT Market MENA in December, facilitating institutional investors in converting cryptocurrency to fiat via its licensed custody platform. The company also recently collaborated with a DeFi protocol to unveil Ozean, a blockchain initiative centered on real-world asset yield.
While the impact of Hex’s initiatives on institutional investors remains uncertain—especially in light of a recent JPMorgan Chase survey indicating that 71% of investors intend to steer clear of cryptocurrencies in 2025—the company’s ambitions continue to grow.
Future Prospects for Hex Trust
As Hex Trust aims to expand its institutional offerings, this acquisition underscores its aggressive growth strategy for 2025, promising further expansion initiatives ahead.
Hex Trust currently holds three Virtual Asset Service Provider licenses from Dubai’s Virtual Asset Regulatory Authority (VARA) and offers a comprehensive suite of services, including custody, brokerage, and virtual asset management through HT Markets MENA FZE.
Additionally, the firm provides OTC trading solutions, corporate treasury risk management, and deep liquidity access. Since establishing its Dubai office in June 2022, Hex Trust has concentrated on broadening its presence in the MENA region while working closely with VARA to foster a secure environment for crypto trading.