Legacy Trust Company, a Hong-Kong licensed and Public Registered Trust Company, announced today it is launching a new and independent business, First Digital Trust, to accommodate the growth of its digital asset custody services.
The new venture will allow Legacy Trust to focus on its traditional trust and pensions business while giving First Digital Trust the flexibility to deliver digital asset custody.
First Digital Trust will remain linked to Legacy Trust, but at an arm’s length – a relationship that is expected to slowly decline over time, allowing each company to generate meaningful partnerships, and to grow returns for shareholders in a sustainable way.
The new business is also seeking to raise funds to fuel growth plans. As per sources close to the development, the company is in talks with venture capital funds to raise around $15 million in the coming months.
Legacy Trust, founded in 1992, was initially established as a traditional pension and family trustee, and began offering digital asset custody based on a demand borne of the ICO boom.
“Legacy Trust was the perfect incubator to develop the digital asset business we are now spinning out into First Digital Trust. We are bringing an unparalleled level of experience to a space that lacks trust, and intend to set the industry standard for compliant and transparent custodianship of digital assets.”
– Gunnar Jaerv, COO at First Digital Trust and Head of Digital Assets at Legacy Trust.