First Digital Trust is a financial institution powering the digital asset industry, offering innovative solutions for financial services and custody of digital assets. First Digital Trust is a Digital outgrowth of Legacy Trust, Asia’s Leading license and Public registered Trust company since 1992.
First Digital Trust is the first custodian in Asia to leverage Fireblock’s Multi-Party computational Custody (MPC) technology. While maximizing the custodial infrastructure for fintech and investors, FDT plans to strengthen its position as one of the most trusted custodians in this emerging market.
Additionally, FDT is launching the first instant settlement network for institutional investors to trade across the region. The company provides solutions for OTC Desks, Investment firms, exchange, and other industry players.
Using Fireblock’s MPC tech, FDT will provide interoperable custody solutions. By eliminating the point of failure for private keys, Fireblock’s allows its clients to sent money instantly to various digital asset providers without needing to see a wallet address. This puts FDT in the position to offer users a custodial structure that is automated and seamless for digital asset deposits.
“ We are trying to build an exceptional infrastructure for assets and investors who are seeking the high-yield and anti-inflationary ability of Digital assets. We believe protecting assets should be as strong as Legacy Custody protocols. Fire Blocks have automated our services while protecting the vault that shield assets allow us to do this,” – Gunnar Jaerv, COO at First Digital Trust.
Fireblock’s Growth
Financial institutions around the globe continue to show interest in the MPC technology offered by Fireblocks. Revolut, one of the fastest-growing fintech companies, announced last year that it was integrating its MPC-based wallet and network infrastructure. With a growing interest in digital assets, leadership at Revolut wanted to ensure they were protecting their market share while leveraging the best crypto management solutions. Let’s also not forget the growth Fireblock’s experienced last year. In October 2020, the company reported more than $150 billion in digital asset transfers. Institutional customers continued to leverage Fireblock’s for its enterprise-grade platform for moving, issuing, and storing digital assets.
FDT’s manual operations have become time-consuming and created limitations on recent projects. Fireblock’s has helped FDT streamline its manual work, such as creating digital wallets within seconds. This is allowing FDT to focus on more revenue-generating aspects.
As we enter the digital economy, wallet security has never been more important. By combining MPC-based infrastructure with SGX chip isolation technology, Fireblocks provides FDT with secure wallets that protect against hacks and internal errors.
“To bring out the greater trust and business in the Asian Region, we are working hard alongside the best technology experts and innovators to build efficient and secured digital asset solutions. Partnering with Fireblocks will enable us to bridge the gap between the East and the West for fintech visionaries in Europe and the US who are looking to enter the Asian Markets,” said Vincent Chok, CEO of First Digital Trust.
“FDT is setting a new standard by adopting the MPC-based technology to enhance the digital asset security, compliance, and operational excellence,” said Micheal Shaulov, CEO of Fireblocks network, which will emphasize and connect to the larger markets and communities.
By joining the Fireblock’s platform, FDT will power 300+ tokens and 200+ trading venues. Additionally, FDT will look to monetize other facets of the market such as DeFi, lending, and staking.
Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however, no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the cryptocurrency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal, or accounting advice.
This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal, and accounting advisors before engaging in any transaction. All content published by Visionary Financial is not an endorsement whatsoever. Visionary Financial was not compensated to submit this article Please also visit our Privacy policy; disclaimer; and terms and conditions page for further information.