$2.15M funding for Asian digital payments service announced by First Digital Trust

$2.15M funding for Asian digital payments service announced by First Digital Trust

In order to bring crypto asset payment services and upgrades to the Asia Pacific Region, the Digital Asset custodian, First Digital Trust has secured funding.

In a convertible note funding round led by private investors, including Asian venture studio Nogle, the Hong Kong based Company has raised $2.15 million .

According to Crunchbase, the total funding for the firm is now over $5.2 milliion.

In order to enable it digital asset clients to accept card payments seamlessly, the funding will allow it to launch the first debit and credit card rail

The company will offer instant settlement, custody and compliance using a simple widget and will also enable them accept digital assets for payments in more than 100 currencies.

The only eligible custodian and trustee in Asia, that is capable of holding both traditional and digital assets is FDT.

CEO of First Digital Trust, Vincent Chok, stated that many firms have lost business due to the high-level minimum requirements and financial 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 noted that in the West, companies such as MasterCard, PayPal, and Coinbase have spearheaded digital asset custody and open banking infrastructure upgrades whereas, in the East, fintech firms have been forced to jump through a variety of regulatory hoops, strike costly individual agreements with financial providers, or build their own infrastructure.

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