Hex Trust Acquires Byte Trading, Expands Into the Institutional Market

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Journalist

Tanzeel Akhtar

Journalist

Tanzeel Akhtar

About Author

Tanzeel Akhtar has been covering the cryptocurrency and blockchain sector since 2015. She has written for the Wall Street Journal, Bloomberg, CoinDesk, Bitcoin Magazine and Bitcoin.com.

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Hex Trust, a Hong Kong-based crypto custodian, announced on Friday that it had acquired Byte Trading for an undisclosed amount, expanding its presence in institutional markets.

According to a press release shared with Cryptonews, the acquisition strengthens Hex Trust’s institutional offerings by integrating Byte Trading’s trading platform into its existing custody and prime services.

This deal follows the launch of Hex Trust’s E-Trading platform in November 2024, reinforcing the firm’s expansion strategy in digital asset markets.

Hex Trust to Integrate Byte Trading’s Low-Latency Trading Technology

Byte Trading is known for its trading platform optimized for low-latency trade execution.

By incorporating Byte Trading’s technology into Hex Trust’s infrastructure, the firm stated that the integration would enhance its trading services for institutional clients.

“The acquisition of Byte Trading marks another important milestone in Hex Trust’s strategic development,” said Alessio Quaglini, CEO and Co-founder of Hex Trust. “Their best-in-class technology accelerates our transformation from a custody provider to a full-service financial institution, empowering us to meet the growing demands of institutional investors in the digital assets space.”

Hex Trust Raises Funding in Morgan Creek Digital-Led Round

Hex Trust secured new funding last week in a round led by Morgan Creek Digital, with participation from multiple global investors, including Injective. The latest funding round precedes Hex Trust’s planned Series C raise, expected in late 2025.

Morgan Creek Digital’s general partner, Xavier Segura, expressed confidence in Hex Trust’s ability to meet the evolving needs of institutional clients.

Founded in 2018, Hex Trust is a licensed custody, staking, markets, and investment firm working with institutional firms, banks, funds, and exchanges.

With its latest funding, Hex Trust is reinforcing its focus on security and regulatory compliance in digital asset services.

By integrating Byte Trading, Hex Trust is betting that the future of institutional crypto lies in seamless, all-in-one platforms.

This raises an important question—will this model enhance institutional adoption or create new risks by concentrating custody and execution in one place?

As the industry matures, the firms that get this balance right will set the standard for the next phase of digital asset finance.

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