Legacy Trust Spins Off An Institutional-Grade Crypto Custody Solution Called ‘First Digital Trust’
Legacy Trust, the Trust and Custody services provider is in the process of spinning out an entirely new business concept. The new firm is expected to solely focus on providing crypto custody solutions of an institutional-grade.
The new business will be known as First Digital Trust and is aimed at growing Legacy Trust’s current crypto asset custody department.
It will operate as a separate entity from its parent firm, which means that it will also have its own unique shareholders and partnerships. Legacy Trust released a press release on Wednesday, September 11, 2019, stating that the new business would make it easier for it to continue focusing on its primary goal of providing trust and pensions.
First Digital Trust
The press release went on to state that this would also allow First Digital Trust an opportunity to continue innovating and delivering digital asset custody services. Gunnar Jaerv, the COO of First Digital Trust stated that Legacy Trust was the ideal incubator to assist in the development and growth of digital assets business.
Gunnar, who also heads the digital assets division at Legacy Trust went on to say that the company was seeking to inject years of experience into a sector that completely lacked trust. Going forward, the company would be seeking to set industry standards for transparent and compliant custodianship of all crypto assets.
At present, Legacy Trust has already proven itself in this sector. It has also set a track record for its ability to provide its clients with institutional custody solutions for ETH and Bitcoin tokens. At the beginning of this month, it sent out a press release stating that it now had offerings for pension plans based on crypto assets. The offerings were for both self-employed workers and participating companies.
It is expected that the cryptocurrency custody solutions currently being operated by Legacy Trust will slowly start to be transferred to the new business. First Digital Trust is at the moment undergoing licensing and compliance procedures with the government in Hong Kong.
Vincent Chok, the newly installed First Digital CEO estimated that the company would become fully licensed and compliant by early December.