First Digital Trust Partners Crypto Storage Firm Amid Asia Demand

The multi-asset custodian will work with Fireblocks, a blockchain-based platform for securely moving, storing, and issuing digital assets in the finance industry, to cater to the increasing demand from fintech companies seeking custodial solutions in Asia.

Hong Kong-based First Digital Trust (FDT) will integrate Fireblocks’ digital asset infrastructure on its platform to improve institutional-grade digital asset custody and protection in Asia as investor interest and demand grows, according to a joint statement on Wednesday.

Fireblocks will automate the depositing of assets into FDT’s custodial structure, which will allow it to provide more interoperable custody solutions by enabling fintech clients to instantly send money to various digital asset providers without needing to see a wallet address.

FDT will also be able to provide investors access to DeFi, lending and staking, as well as more than 200 trading venues and 300 tokens, enabling them to expand their revenue streams from day one, the announcement said.

The collaboration with Fireblocks will enable us to build a strong bridge between the East and the West for fintech visionaries in Europe and the US who are looking to tap into the Asian market, Vincent Chok, CEO of First Digital Trust, said.

Digital asset trading activity in Asia is equivalent to the U.S. and Europe combined, and accounts for more than 90 percent of ethereum and bitcoin derivatives volumes.

Since launching in June 2019, Fireblocks has opened offices in Hong Kong and Singapore, and has raised $46 million in funding to support its growth ambitions.