Taiwan-based venture studio Nogle invests $3M in First Digital Trust
Tue, 10 Mar 2020, 10:03 am UTC
Taiwanese venture studio Nogle invested in Hong Kong-based digital asset custody firm First Digital Trust.
In a press release detailing the partnership, the custody firm is planning to bring the traditional financial services industry into the digital asset sector and provide compliant and transparent custody services. Nogle’s $3 million investment will support the launch of an Asian instant settlement network that is designed to “transform the way digital assets are owned, traded and invested in.”
“We see great potential in their technology for the digital asset industry, which will pave the way for the future of trust and custody services,” said Jonathan Leong, founder at Nogle.
First Digital Trust was established in 2019 and offers a solution for the delivery of asset custody. It spun out the business to focus more on traditional trust and pension businesses while giving digital assets the flexibility to innovate.
Nogle empowers entrepreneurs to bring their ideas to life by offering technology, funding, and connections.
First Digital Trust just announced that it will be rolling out a new settlement and clearing network to allow its clients the ability to transfer its digital assets seamlessly. Initially, it will be restricted to fiat and crypto assets, but there are plans to accommodate other assets like tokenized securities in the future.
Its partnership with Nogle will improve the platform and help bring financial services to the digital asset sector.
“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 (via Tech in Asia).
Meanwhile, Nogle just recently joined Telegram round. The messaging app plans to launch its own blockchain platform and native cryptocurrency, powering payments on its chat app that could compete with Visa Inc. or Mastercard Inc. to bring digital assets to the mainstream. It also inked a partnership with venture capital firm Oyster Ventures.
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