First Digital Trust has received funding of $2.15 million for developing Asian digital payment services. The funds will aid in enhancing the debit card and credit card payment mechanisms in the region.
First Digital Trust, a custodian for digital assets, has received funding to upgrade the digital asset payment services in the Asia Pacific Region. The funding amounting to $2.15 million issued in convertible notes was led by a private venture capital, Nogle. The firm has now received a total of $5.2 million in funding to aid in its business development.
First Digital Trust claims that the funds will be used to launch a premier debit and credit card rail to make it possible for clients who hold digital assets to make and embrace card payments. If successful, companies that adopt the rail will accept digital asset payments in over 100 currencies. A widget will also be used to settle and store transactions.
First Digital Trust paves the way for open banking
First Digital Trust is the only credible trustee and custodian in the Asian region who is approved to hold traditional and digital investments. The CEO of Digital Trust, Vincent Chok, acknowledged that many businesses had lost incredible opportunities in this space because of the restrictions and financial constraints caused by using credit and debit cards for paying for digital assets.
Asia is a growing crypto hub
First Digital Trust also acknowledged how payment firms in Western countries such as PayPal and MasterCard have remodeled to become custodians of digital assets by upgrading their open banking infrastructure. However, this is not yet possible in the Eastern region because of regulations and high costs. This hindrance is a significant limitation, given that Asia represents almost 50% of the global crypto market.
The instant settlement technology that First Digital Trust will issue will accelerate further growth of the crypto market in Asia. It will also enhance the security of payments systems and formulate a better strategy for exchanges, brokers, financial institutions, asset managers, crypto firms, and other market participants. The impact is expected to ripple in the entire Asia Pacific region.
Besides the FDTs funding round, Fireblocks also received $133 million in an investment round spearheaded by BNY Mellon, one of the ancient banks in America. Fireblocks stated that they would use the proceeds to enhance the security involved in storing digital assets and the relevant infrastructure. This will further encourage more firms to embrace digital assets and the possibilities they harbor in transforming financial sectors.