Animoca Brands and Hex Trust's joint wallet venture Gryfyn raises $7.5 million

Quick Take

  • Gryfyn has raised $7.5 million from investors including Liberty City Ventures, Leadblock Partners, Mind Fund and GameFi Ventures.
  • The custodial wallet solution is a joint venture between Animoca Brands and Hex Trust. Arnoldo Concepcion, the co-COO of Animoca Brands, is now the CEO of Gryfyn. 

Web3 investing behemoth Animoca Brands and digital asset custodian Hex Trust have launched Gryfyn, a custodial wallet solution, in a joint venture.

The wallet startup, which focuses on onboarding users into web3, raised $7.5 million from investors including Liberty City Ventures, Lavender Hill Capital Partners, Animoca Ventures, Leadblock Partners, Mind Fund and GameFi Ventures, according to a company release.

Animoca Brands co-chief operating officer Arnoldo Concepcion will now become the CEO of Gryfyn. 

The wallet is built on top of Hex Trust's infrastructure and will be a "NFT-centric, multi-chain" solution that has "bank-grade security," the release said.

"Gryfyn is a major part of our efforts to bring mass adoption closer by providing high-quality user experiences on top-tier products in the open metaverse, where true digital ownership is finally possible," Yat Siu, executive chairman and co-founder of Animoca Brands, said in the release. "It's also important because we want our users' data to be protected at all times — something that only a specialized service like Gryfyn can provide.”

The wallet made its soft launch debut in November last year at Hong Kong fintech week. While in stealth, the startup even managed to nab a partnership deal with MotoGP.

"We are thrilled about launching Gryfyn globally today; it represents another milestone towards fulfilling our mission to unlock ownership in decentralized markets while providing unparalleled security measures," said Alessio Quaglini, the CEO and co-founder of Hex Trust, in the release. "Gryfyn will become even more important given the increasing number of partnerships we have coming up over the next few months."

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.