The funding will be used to build debit and credit card payment rails in Asia.
Digital asset custodian 1st Digital Trust has secured funding to bring crypto asset payment services and upgrades to the Asia Pacific region.
The Hong Kong headquartered company has raised $2.15 M in a convertible note funding round led by private investors including Asian venture studio Nogle. The total funding for the company is now over $5.2 million as per the Crunchbase which reported 2 prior funding rounds.
The company said that the funding will permit it to launch the first debit and credit card rail that will enable its digital asset customers to accept card payments seamlessly. Companies will be able to accept digital assets for transactions in more than hundred currencies and offer instant settlement, custody and compliance using a simple widget.
FDT is Asia’s only qualified custodian and trustee capable of holding traditional and digital assets both.
Vincent Chok , CEO of First Digital Trust, said that many companies have lost business due to the high-level min. needs and monetary burdens associated with integrating credit and debit services with digital assets.
“Our mission is to open the gateway for open banking in Asia through regulated and compliant payment solutions.”
The announcement reported that in the West, companies like MasterCard, PayPal, and Coinbase have spearheaded digital asset custody and open banking infrastructure upgrades whereas, in the East, fintech companies have been forced to jump through a variety of regulatory hoops, strike costly individual agreements with financial providers, or build their own infrastructure.
This is despite the fact that crypto trading and digital activity in Asia are equivalent to the United State and Europe combined. As noted by Cointelegraph in late Jan, the region accounts for almost half of world wide crypto trading.
The 3rd round of fundraising this year follows the integration of Fireblocks, a leading enterprise-grade platform delivering a secure digital asset storage infrastructure. On 18 March, Fireblocks secured a $133 M investment round led by BNY Mellon Which is America’s oldest bank.
FDT’s instant settlement technology, security and payment rail infrastructure, and compliance technology will be available to token issuers, payments suppliers, crypto exchanges, asset managers, banks, and brokers across the Asia Pacific region.