Crypto firm First Digital Trust banks $3m from Telegram backer Nogle

First Digital Trust, the digital asset custody arm of Hong Kong-based financial services company Legacy Trust, has raised US$3 million in funding from venture studio Nogle.

Photo credit: David McBee

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.

First Digital Trust plans to use the new funds to help with the launch of the new service in May.

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.