Morgan Creek-backed crypto custodian Hex Trust secures Singapore’s license for OTC push

Hex Trust has received a Major Payment Institution License from the Monetary Authority of Singapore, allowing it to offer cross-border money transfer services.

Cryptocurrency custodian Hex Technologies Pte. Ltd. said on Thursday, March 6, it received a license from the Monetary Authority of Singapore that would allow it to offer a “fully-integrated solution” including custody, over-the-counter trading, and settlement, including fiat on and off ramps.

In a press release shared with crypto.news, Calvin Shen, CEO of Hex Technologies Pte. Ltd., said Singapore remains a “key market” for Hex Trust, adding that the milestone now allows the custodian to double down on its offerings for institutional clients.

“Securing the MPI license is a testament to our team’s dedication to working closely with the MAS to meet its regulatory requirements. With a well-established regulatory framework and commitment to innovation, Singapore continues to drive institutional adoption of digital assets.”

Calvin Shen

For Hex Trust, the latest license marks another regulatory achievement in Singapore, where the custodian previously secured approvals. In 2021, it obtained the Capital Markets Services license, allowing it to provide custodial services regulated under Singapore’s Securities and Futures Act. Outside Singapore, Hex Trust also holds licenses and registrations in Hong Kong, Dubai, France, and Italy.

In February, Hex Trust secured a strategic funding round led by Morgan Creek Digital with participation from global investors including Injective, bringing its total funding to over $100 million. That investment marked a “pivotal milestone,” Hex Trust said in a blog announcement, as it prepares for its Series C raise anticipated later in 2025.