Nogle invests $3 million in crypto firm First Digital Trust according to a report by Cointelegraph. A Taiwanese venture studio just became the new lead investor for a Hong Kong-based crypto custodian following a multimillion dollar investment this week.
Nogle announced yesterday they had given $3 million to First Digital Trust (FDT), the digital asset arm of Legacy Trust. The investment is intended for the financial custodian to develop its own crypto asset platform for the Asia market.
FDT’s Rapid Settlement and Clearing Network trading platform for digital assets is set to be launched in May. The platform may provide an alternative solution for Asia markets to the Silvergate Exchange Network.
The initial services will be limited to crypto assets and traditional fiat currency. However, FDT hinted that it may expand the offering to include tokenized securities. Users will be able to send and receive digital assets seamlessly across Asia.
Nogle investing in the latest FinTech
With the startup now funding the crypto custodian to develop this trading platform, FDT becomes the most recent financial target for Nogle.
Prior to this latest investment, Nogle had put its money behind other leading technology companies such $2.5 million towards the global messenger app Telegram. The custodian has also given financial support to the cryptocurrency exchange BTSE and FinTech firm TNG.
Working for the good of the digital asset market
First Digital Trust also said it is working with Nogle to further develop its RSCN platform in other ways, bringing legacy financial services to the digital asset sector. According to COO Gunnar Jaerv, the partnership will prepare FDT to become an industry leader for crypto custody:
“The unique synergies between our two companies will accelerate our vision of creating a world where people can trade and transact digitized assets freely.”
Established late last year, First Digital Trust offers solutions for the delivery of digital asset custody. Legacy Trust spun out the business to help it focus more on its traditional trust and pensions businesses while giving its digital asset segment the flexibility to innovate.
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 tokenized securities.
In addition, 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 digitized assets freely,” said First Digital Trust chief operating officer Gunnar Jaerv.
Based in Taiwan, Nogle aims to empower entrepreneurship through the provision and development of proprietary technology, business consultancy, funding, and human resources. 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. Nogle Invests $3 Million in Crypto firm First Digital Trust.
First Digital Trust plans to use the new funds to help with the launch of the new service in May.