Asian cryptocurrency custody firm First Digital Trust has raised $3 million as it seeks to offer crypto settlement and clearing network. The firm, which is a digital asset custody arm of Hong Kong-based financial services company Legacy Trust, raised the money from Taiwanese early stage venture capital Nogle.
“A lot of the funding will be deployed to building out the First Digital Trust tech stack. We are also deploying capital into compliance building for financial services that, not only meet our global clientele requirements but also worldwide regulatory standards.”
– Gunnar Jaerv, COO of First Digital.
The company recently announced plans to roll out a new rapid settlement and clearing network, which will give custodian clients the ability to transfer digital assets seamlessly across the region. It will initially be restricted to fiat and crypto assets, but can be expanded to accommodate other assets such as tokenised securities. The company also said it is working with Nogle to further develop its platform, which aims to bring legacy financial services to the digital asset sector and set the industry standard for custodianship of digital assets.
“The unique synergies between our two companies will accelerate our vision of creating a world where people can trade and transact digitised assets freely,” said Jaerv.
Nogle founder Jonathan Leong said the company saw the value in First Digital as both a custodian solution and institutional settlement layer. Beyond just funding, Nogle will assist in tech development and third-party collaborations. “Based on their current platform, we’re looking to build up their settlement layer and put up more formal partnerships, to have more businesses plug into the settlement layer,” Leong said.
Prior to being the lead investor in First Digital Trust, Nogle has backed leading tech firms such as global messenger app Telegram and Hong Kong-based fintech firm TNG.