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 and clearing 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.
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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.