First Digital Trust announces $2.15M funding for Asian digital payments service
First Digital Trust has secured funding to bring crypto asset payments and upgradation to the Asia Pacific region.
The Hong Kong-based company has raised $2.15 million through the funding round led by private investors including Asian venture studio Nogle. The total amount of funding for the firm is now over $7 million according to Crunchbase which reported two prior funding rounds in March raising $5.2 million.
Funding will be used in the development of the first debit and credit card rail that will enable its digital assert clients to accept card payments seamlessly, the firm stated. Companies will be able to accept digital assets as a form of payments in more than 100 currencies and offer instant settlement, custody and compliance using a simple widget.
First Digital Trust is the only Asian qualified custodian and trustee capable of holding both physical and digital assets. FDT’s CEO Vincent Chok explained that several firms have lost business due to the high-level minimum requirements and financial burdens associated with integration of credit and debit services along with digital assets.
The announcement noted that in the West, Big payment giants such as MasterCard, PayPal, and Coinbase have spearheaded digital asset custody and open banking infrastructure upgrades. While in the East, fintech firms have to go through several regulatory hoops, striking costly agreements with financial providers and building their own infrastructure.
This is despite the fact that crypto trading and digital activity in Asia is much equivalent compared to the US and Europe combined as the region accounts for almost half of global crypto trading.
The third round of fundraising this year follows the integration of Fireblocks, which is a leading enterprise-grade platform providing services like secure digital asset storage infrastructure.
FDT’s instant settlement technology, security and payment rail infrastructure, and compliance technology will be available to token issuers, payments providers, crypto exchanges, asset managers, banks, and brokers across the Asia Pacific region.