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 asset 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.
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.
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.”