First Digital Trust

Company and ownership

First Digital Trust Limited is the trust and custody company of the First Digital group, with its registered office in Lippo Centre on Queensway, Hong Kong. Vincent Chok founded the business in 2019 and remains its founder and CEO. It began as the digital asset arm of Hong Kong custodian Legacy Trust before being spun out.

The group set up First Digital Group Limited in Gibraltar in 2022 as its holding company. On October 6, 2026, that holding company signed a definitive agreement to combine with CSLM Digital Asset Acquisition Corp III (Nasdaq: KOYN) at a $250 million pre-money equity value, and closing is expected in the first half of 2027. The deal also moves the holding company's domicile to the Cayman Islands. First Digital reported about $87 million of revenue for the fiscal year ended June 30, 2025 and employs more than 75 people. Nogle Capital was an early backer, putting in $3 million in 2020. A $2.15 million convertible note followed in 2021, and in May 2022 the company raised $20 million from Nogle and Kenetic Capital.

Custody model and security

The trust company holds client assets itself, acting as custodian and trustee. It also holds the reserves of FDUSD, the group's US dollar stablecoin. A separate group company issues the token, and First Digital Trust keeps the reserves for that issuer in segregated client accounts. An independent accounting firm attests to those reserves every month, and they include cash equivalents such as short-dated US Treasury bills.

In April 2021 the company announced a Fireblocks integration to automate deposits into its custodial structure. It states that it holds SOC 1 Type 2 and SOC 2 Type 2 reports. It also cites ISO 27001 certification and compliance with the FATCA and AEoI tax reporting regimes.

Regulation and licenses

First Digital Trust holds a Trust or Company Service Provider (TCSP) license in Hong Kong and is registered as a trust company under the Trustee Ordinance (Cap. 29). The TCSP regime falls under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance and is run by the Companies Registry. CoinDesk reported in November 2025 that TCSPs are supervised by the Companies Registry rather than by financial regulators, and that they do not face capital requirements comparable to those of banks or licensed securities intermediaries.

The October 2026 merger announcement lists the group's current licenses as the Hong Kong TCSP license and two Money Services Business registrations in Canada. An application to Abu Dhabi Global Market for a license to issue fiat-referenced tokens is pending. First Digital Trust (UK) Limited, registered in London, was incorporated in August 2022.

Products and integrations

Alongside custody, First Digital offers trustee services covering structuring, escrow, payroll and administration. The group also runs Finance District at fd.xyz, whose Prism tool lets merchants accept digital asset payments; according to the merger announcement, Finance District does not yet contribute material revenue. The company describes its clients as regulated financial institutions and fintech firms. Its LinkedIn profile lists Hong Kong, Kuala Lumpur and Singapore as locations, and the group plans to open a branch in Korea in the first quarter of 2027.