A Hong-Kong based public trust company, First Digital has recently announced a $20 million funding round to build Asia’s first secondary market for private crypto equity and digital assets.
According to a press release, the blockchain technology venture Kenetic Capital, invested in the round. Nogle, a venture for empowering startups, also invested in this round.
First Digital will use this funding to expand in Singapore, the U.K. and Canada.
The press release states that the company’s new feature will allow clients to list assets and receive offers. Clients will also be able to facilitate acquiring and liquidating private shares and custodial infrastructure.
First Digital will allow newcomers to access private companies’ initial release rounds.
Vincent Chok, the CEO of First Digital Trust said it’s mission is “to help companies, hedge funds, and institutions integrate Web3 assets seamlessly, securely, and compliantly by providing vital upgrades to open finance infrastructure.”
Upon launch, it will become Asia’s first secondary market for private crypto equity assets.
In other DeFi news, the mainstream Wall Street banks are slowly catching up to the crypto craze and offering its clients new options involving crypto. JP Morgan is one of the biggest institutional and private financial service providers that has ventured into the crypto industry.
Recently, JP Morgan conducted a transaction wherein it used blockchain for collateral settlements.
“What we’ve achieved is the friction-less transfer of collateral assets on an instantaneous basis,” said Ben Challice, JPMorgan’s global head of trading services.