FDT receives $2.15M bridge funding to introduce crypto card payment rails in Asia
First Digital Trust (FDT), an Asia-based qualified custodian and trustee capable of holding both traditional and digital assets, announced it has secured $2.15 million in funding to bring a digital asset payment service upgrade to the region.
The convertible note round, led by private investors including Nogle, has enabled FDT to launch a debit and credit card rail that will enable its clients to accept card payments seamlessly. The payment rail will be available via adding an easy-to-use widget which will enable companies to manage every customers’ touchpoint across international borders.
“Credit and debit rails appear as a minor addition to servicing digital assets, but many companies have lost business due to the high-level minimum requirements and financial burdens associated with integrating these services. Our mission is to open the getaway for open banking in Asia through regulated and compliant payment solutions,” said Vincent Chok, CEO of First Digital Trust.
Asian fintech and commercial businesses have so far been forced to jump through a variety of regulatory hoops or build their own infrastructure.
This DIY approach has led to regulatory blind spots, engineering gaps, and for some, court proceedings for failing to avoid processing payments in sanctioned jurisdictions.
“We believe in supporting Asia’s fintech leaders who are confidently shaping the future of finance. FDT’s expansive partnerships with global industry leaders and ongoing commitment to upgrading their technological infrastructure ensures they will continue being the leading trust, custody, and asset service providers of the region,” said Jonathan Leong, CEO of Nogle.
FDT’s previous fundraising round in 2020 led to the development of Asia’s first Rapid Settlement Network, an institutional-orientated trading platform enabling instant transfers across the region.
The $2.15M investment follows the integration of Fireblocks, which was recently invested in by America’s oldest bank BNY Mellon, establishing FDT as the leading provider of custodial and trustee services for investors, family offices, traditional financial institutions, and digital asset exchanges.
Partnerships of FDT include crypto crime prevention platform, Elliptic, asset security provider, Ledger, and the world’s largest blockchain-based online investment platform, BnkToTheFuture.
Token issuers, payments providers, exchanges, asset managers, funds, banks, brokers, and trust companies will all have access to FDT’s instant settlement technology, security and payment rail infrastructure, and compliance technology.