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First Digital

First Digital Trust, founded in 2019, is a Hong Kong-regulated trust and technology-driven financial institution specializing in digital assets. [1][2][3]

Overview

Legacy Trust Company built First Digital in 2017. In May 2019, it became an independent public trust company based in Hong Kong. [5]

In November 2021, First Digital Trust became the first official custodian of IX Swap, a (DeFi)  and for security tokens and tokenized stocks. [10]

"First Digital brings traditional fiduciary services into the digital-first world through technology and developing financial services infrastructure that lets us and our clients create world-class financial products and services." - First Digital mission statement[3]

"I took over legacy trust about 11 years ago and saw the need about four years ago for the space when a lot of ICO companies came to us looking for some custody solutions" - , CEO of First Digital Trust on getting started with the company[6]

Funding

In March 2020, First Digital raised its seed round funding of $3M led by Nogle Capital Management. In April 2021 and May 2022, the organization raised $5M and $20M respectively led by Kinetic Capital and Arcane Group. [4]

Team

  • - Chief Executive Officer
  • - Chief Operating Officer
  • Michael Titus - Senior Legal Counsel
  • Alek Lee - Chief Financial Officer[5]

First Digital USD (FDUSD)

On June 1, 2023, First Digital announced the introduction of its , ("FDUSD"). Issued by FD121 Limited (under brand name "First Digital Labs"), the stablecoin is intended to be backed on a 1:1 basis by one U.S. dollar or asset of equivalent fair value, held in accounts of regulated financial institutions in Asia. [7][8]

"I am delighted to emphasize the significance of this milestone as we introduce FDUSD to the world. The launch of this stablecoin represents a major stride forward in our mission to provide a secure and efficient digital currency that can be seamlessly integrated into everyday transactions.

Transparency and robust oversight are paramount in building trust in stablecoins and in turn the adoption of this innovative blockchain technology, especially at a time when stability in the traditional financial system is uncertain. Going forward, investors, retail and institutional will be looking for predictability, which is why FDUSD was conceptualised. First Digital is fully committed to regulatory compliance to set a new standard for legitimacy in the space." - , CEO of First Digital, commented[8]

At launch, was issued on the  and   networks which follow the  &  standards respectively. These decentralized blockchains provide consensus confirmation of transactions using  (PoS) or proof of staked authority (PoSA) consensus providing immutability of records and public transparency to market participants. [9]

On July 26, 2023, First Digital Group announced that First Digital USD (FDUSD) will debut and list on the crypto exchange, . [11]

"Recent events have shown that conventional assets are not immune to the risk and volatility posed by external events. FDUSD offers a transparent, reliable and trusted alternative that provides the predictability corporates and investors are demanding.

We're delighted to partner with Binance to meet this need and bring FDUSD to market. We look forward to continuing our innovation in the next generation asset space, as well as working with the Web3 ecosystem to build solutions to unlock even greater value from FDUSD." - , CEO of First Digital, commented.[11]

On September 1, 2023, Binance announced its support for FDUSD following the discontinuation of its native stablecoin, . Binance encouraged BUSD holders to migrate to alternative assets, including FDUSD. This move comes as part of Binance’s strategy to gradually phase out its support for BUSD, with plans to conclude the process by February 2024[12][13]

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First Digital

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