Hex Trust Acquires Byte Trading to Expand Institutional Market Services

Hex Trust has acquired Byte Trading, an algorithmic market maker in digital assets, the digital asset financial services provider announced on Friday.

The acquisition strengthens Hex Trust’s expansion into institutional market services, reinforcing its evolution from a custodian to a full-service financial institution, the company said.

The move follows Hex Trust’s launch of E-Trading in November 2024 and a strategic funding round with Morgan Creek in early 2025. By integrating Byte Trading’s technology into its regulated infrastructure, Hex Trust aims to enhance execution capabilities for institutional investors.

"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,” Alessio Quaglini, CEO and co-founder of Hex Trust, said about the acquisition

With its roots in institutional-grade custody and staking, Hex Trust is now poised to deliver a comprehensive digital asset execution and markets platform. The acquisition marks the company’s first, signaling an aggressive growth trajectory in 2025, as it continues to scale operations and institutional adoption.

Established in 2018, Hex Trust provides regulated digital asset custody, staking, and market services to institutional investors, leveraging its proprietary infrastructure to ensure security and compliance.

Last year, Hex Trust secured received a full license in Dubai from Dubai's Virtual Assets Regulatory Authority (VARA), and secured in-principle approval (IPA) from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license.