Cryptocurrency custody firm, First Digital Trust, which has been spun out from Legacy Trust, a Hong Kong-headquartered financial custodian, has secured $3 million in funding.
First Digital Trust’s management says that it intends to use the capital raised to establish its “Rapid Settlement and Clearing Network” in May of this year.
The company’s new settlement network was introduced in February. It has been developed to fundamentally improve “the way digital assets are owned, traded and invested in.” The network will support both fiat and decentralized cryptocurrencies, with plans to add tokenized securities in the future.
Nogle will be assisting First Digital Trust as it continues to work on the ongoing development of its platform.
Gunnar Jaerv, COO at First Digital Trust, stated:
“The unique synergies between our two companies will accelerate our vision of creating a world where people can trade and transact digitized assets freely.”
Jaerv also serves as head of digital assets at the Legacy Trust Company.
He brings product development experience and a solid understanding of blockchain-based platforms to the executive team of both firms. He’s credited with helping to drive significant growth throughout the Legacy Trust’s crypto asset unit.
While working at Legacy Trust, Jaerve’s responsibilities include “overseeing building efficient operational infrastructure, developing value capture models, nurturing relationships with partners and identifying new opportunities to drive sustainable revenue growth.”