2024 was a remarkable year for the digital asset industry, and for Hex Trust. We solidified our position as a leading, fully-licensed institution, achieving significant milestones that have set the stage for an even more successful 2025 ahead.
The year began with an impressive Q1, characterized by a surge in Bitcoin's value, which rose by ~150% as excitement built around the approval of Bitcoin and Ethereum ETFs in the US and Hong Kong. This momentum was further fueled by Bitcoin's halving event in April, however this was followed by a more muted Q2 and Q3 as markets consolidated. The year concluded with an outstanding Q4, where Bitcoin reached new all-time highs almost weekly following Trump’s election victory, and accelerated institutional and corporate interest.
In this dynamic environment, we made substantial strides in the burgeoning Bitcoin Layer-2 ecosystem through partnerships with industry-leading staking providers and Bitcoin Layer 2 protocols like Babylon. In December, during Babylon’s Bitcoin Staking Cap 3, over $6 billion of BTC was staked and Hex Trust was the #1 institutional Finality Provider; a huge success! Unlocking value of the original digital asset through staking, and ultimately through DeFi, is a huge milestone for the industry and creates new utility for Bitcoin holders beyond its traditional role as a store of value.
Throughout the year:
This, alongside contributing our insight and knowledge on global financial news and broadcasting networks, and at the industry’s premier events.
The team developed and supported our growing institutional client base, and 2025 is set to be another action-packed year for Hex Trust! Here’s our 2024 Year in Review with a snapshot of what to expect in the year ahead.
As we look to the year ahead, it’s clear the institutional phase of crypto is just gathering pace. Investors are more emboldened than ever, and corporate interest, led by figures like Microstrategy's Michael Saylor, will continue to drive Bitcoin's price momentum.
The next and most important phase will see sovereign nations compete furiously to get their share of the cryptocurrency. When we see nations raising to purchase and acquire BTC, there will be 195 countries competing for a tight supply.
On the regulatory side, with Trump 2.0 we hope to see a critical shift in the US from an era of enforcement, to an era of collaboration amongst policy makers and digital asset players in the space.
In demonstration of our long-standing commitment to compliance, we received regulatory approval in Dubai and Singapore. We secured additional virtual asset service provider (VASP) licences from the Virtual Asset Regulatory Authority (VARA) in Dubai for our virtual asset broker-dealer and virtual asset management and investment arm, HT Markets MENA FZE. Following this, we officially launched HT Markets MENA in Dubai, becoming one of the first firms to facilitate fiat on/off-ramp services for institutional clients and accredited investors through our secure, institutional-grade platform.
We also received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution License, allowing Hex Trust to offer regulated Digital Payment Token (DPT) services in Singapore.
To enhance the financial utility of Bitcoin for our institutional clients and push into the burgeoning Bitcoin Layer-2 ecosystem, we secured milestone partnerships with industry-leading staking providers and Bitcoin Layer 2 protocols.
To provide Hex Trust users with a diverse range of high-quality staking options, we launched our inaugural Staking Partner Program, featuring four market-defining infrastructure partners: Chorus One, Kiln, Luganodes and Twinstake.
We partnered with the Stacks Asia Foundation to integrate Stacks and implement on-ramps for stacks DeFi applications. Complemented by our strong presence in Asia and the Middle East, the partnership provides a vital pathway for the Stacks Ecosystem to expand further in the world's most transformative markets.
In October, we partnered with Babylon Labs to offer a full suite of custody, trading, and staking services for Bitcoin. This integration allows Hex Trust's institutional clients to stake their Bitcoin directly on the Bitcoin blockchain, earning rewards while enhancing the security of Proof-of-Stake networks.
Other notable staking integrations included:
The launch of our advanced electronic trading platform enables clients to execute multiple trade types directly from Hex Trust’s secure, air-gapped custody platform, whilst accessing deep liquidity and efficient pricing from a global network of liquidity providers. Trades are settled directly into cold storage meaning assets are never routed to exchanges or other third parties, minimizing critical counterparty risks that have previously been an issue in crypto.
On November 18, 2024, BitMart, a global digital asset trading platform, listed Hex Trust USD (USDX), a 1:1 USD-referenced stablecoin built on the Flare blockchain and developed by HT Digital Assets, Hex Trust’s tokenization ecosystem. USDX provides round-the-clock availability and reliability, making it an ideal stablecoin for global financial operations.
Expanded our Ecosystem
In a milestone integration that combines TON's 95+ million community with Hex Trust's military grade custody platform, we integrated full stack support for The Open Network (TON), enhancing our custody, staking and trading capabilities while tapping into the vast community of 950M+ Telegram users.
We expanded our Partnership with MANTRA Chain, offering secure custody and staking for the $OM token, supporting the Real-World Asset (RWA) market.
We participated in MANTRA’s $11M funding round led by Shorooq to drive innovation and build regulatory-compliant infrastructure for real-world asset tokenization. We supported XION by contributing to its additional $25M funding, and joined other global investors in Synnax’s $1M pre-seed fund raise.
Suntory Group, a world-leading beverage company, selected Hex Trust as their primary custodian as they enter the Web3 space. The Group is actively exploring Web3 technologies and launched the Château Lagrange exclusive experience NFT as one of its first tangible use cases, selecting Hex Trust as its trusted Web3 partner for secure and compliant custody services. Château Lagrange is a prestigious Bordeaux estate that produces high-quality wines with a rich history and tradition. The specially curated Château Lagrange experience provides a once-in-a-lifetime opportunity to explore the world of fine wines in one of France’s most celebrated estates. From private access to the entire 182-ha estate, steeped in over 400 years of winemaking tradition, to the creation of bespoke wine blends. Reach out to sales@hextrust.com to unlock the exclusive “Legacy of Château Lagrange” personalized 2-day wine experience.
On broadcast and digital media, we shared our views on the currents shaping the crypto markets, making regular appearances on CNBC. Check out our 2024 media highlights below:
Our exceptional team led keynotes and participated in panels at key industry events. Our presence shaped critical dialogues on BTC staking, global regulations, the institutional adoption of crypto, tokenization and bridging traditional and decentralised finance.
We shared targeted insights at influential gatherings, fostering a close-knit rapport with industry peers and deepening community ties. From driving BTCfi adoption and unlocking Bitcoin’s $1T potential, to crypto market trends and the launch of USDX.
We actively engaged in community-driven activities, including hosting educational seminars in collaboration with universities to build crypto knowledge among students. We proudly supported the Box of Hope initiative, which provided essential gifts to underprivileged children during the festive season, and contributed to the Feed HK initiative, addressing food insecurity in our community. Through these efforts, Hex Trust not only enhanced social welfare but also promoted a culture of giving and awareness among our team and stakeholders.
Building on the strong foundation laid in 2024, Hex Trust is poised for even greater achievements in 2025. We're committed to expanding our role in the digital asset ecosystem, providing secure and reliable infrastructure, and empowering the institutional adoption of crypto.
We wish all of our clients and stakeholders a very happy Christmas and a prosperous New Year. Here’s to a year filled with success and growth in 2025!