Asia’s First Digital Trust Receives $3 Million from Nogle

Nogle, a Taiwanese venture studio, has invested $3 million in First Digital Trust, the crypto custody arm of Hong Kong-based financial services company Legacy Trust.

Reported by Tech in Asia on Monday, the fresh proceeds will be utilized to support the firm’s upcoming launch of a rapid Settlement Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Read this Term and Clearing Clearing Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Read this Term network.

First Digital Trust came into existence last year after it spun out from the traditional financial business of Legacy Trust to tap into the digital asset business with custodian solutions.

“The unique synergies between our two companies will accelerate our vision of creating a world where people can trade and transact digitized assets freely,” Gunnar Jaerv, chief operating officer of First Digital Trust, told the publication.

Bridging legacy and new-age financial services

Announced recently, the company is aiming to bring the new settlement services in May. This will enable its custodian clients to transfer their vault-stored crypto holdings across the region.

Though the service will be limited to fiat and digital assets; initially, the company has plans to expand its services for other asset classes as well.

Based in Taiwan, Nogle calls itself a venture studio as it partners with early-stage startups, supporting them through funding as well as advisory and market reach. It prioritizes on startups in the Asian markets instead of reaching out to American and European ventures. Notably, the company also backed encrypted messaging giant Telegram.

“As a Venture Studio, we build multiple ventures simultaneously,” the firm describes itself on Linkedin. “We identify the promising ones, and provide technology know-how, development and management skills – and of course funding – to turn those ground-breaking ideas into working businesses.”

Apart from the investment, Nogle will also involve in the development of First Digital Trust’s platform, bringing legal financial services to the digital asset industry.