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Home Featured

Fintech startup First Digital scores $20m funding

Team AsiaTechDaily by Team AsiaTechDaily
31 May 2022
in Featured, FinTech
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Fintech firm First Digital, the only qualified custodian and trustee helping institutions custody both traditional and digital assets, has announced a $20m fundraising round backed by Nogle and Kenetic Capital.

First Digital Trust plays a key role in helping legacy institutions and companies bridge legacy and emerging finance; and it is the only in the Asian region to offer full-service support for assets ranging from stocks, bonds, currencies, and insurance, to digital assets, including cryptocurrency tokens and NFTs.

Part of the funding round will go towards their global expansion to Singapore, UK, and Canada, as well as the development of the region’s first secondary market for private equity and digital assets. With this move, clients of First Digital will be able to list the assets they hold and receive offers from other qualified First Digital clients.

The launch is the first of its kind in the region and overcomes a major hurdle for investors who often struggle to acquire or liquidate private shares within secure and custodial infrastructure. Newcomers custodying assets also have an opportunity to access private companies who may have missed out on initial release rounds.

“Our mission is to help companies, hedge funds, and institutions integrate Web3 assets seamlessly, securely, and compliantly by providing vital upgrades to open finance infrastructure keeping security, KYC & AML, and regulatory requirements at front of mind. Providing these kinds of onramps and administrative support is how we will see more major players bringing in sustainable investment and liquidity into the space,” said Vincent Chok, CEO of First Digital Trust.

In 2021, First Digital Trust raised an additional $2.5M funding round which saw the development of a regional-first digital asset payment rail, enabling companies to accept card payments via digital assets seamlessly through a simple API-integratable widget.

The credit and debit card rail resolved an ongoing issue of exclusion for businesses due to the high-level minimum requirement, financial burdens and regulatory hoop-jumping associated with getting the rights to accept digital assets as payment.

In 2020, First Digital Trust secured another $3M round that led to the development of Asia’s first instant settlement network layer: an institutional-orientated trading platform that enabled instant transfers across the region.

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