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First Digital Group Launches New Stablecoin FDUSD to Revolutionize Global Finance

by Blockchain NewsJune 1, 2023

Asia’s leading trust company and qualified custodian, First Digital, is making waves in the global financial ecosystem with the announcement of its new stablecoin, First Digital USD (FDUSD). Launched by FD121 Limited under the brand “First Digital Labs,” this novel stablecoin pledges to bring stability, diversification, and innovation to the existing financial landscape.

Stablecoins, digital currencies pegged to stable assets like the U.S. dollar, provide a hedge against volatility, a means of remittance, and a cost-effective gateway to financial services. With FDUSD, First Digital Group aims to enhance these benefits by offering a programmable stablecoin backed 1:1 by U.S. dollar reserves held in regulated Asian financial institutions.

First Digital Trust Limited, the custodian and trust company, will maintain FDUSD reserves in segregated accounts, ensuring a secure and robust financial framework for the stablecoin. Notably, the redeemable nature of FDUSD adds to its appeal, as users can exchange their tokens for equivalent U.S. dollar value, strengthening the trust in the 1:1 backing.

Vincent Chok, CEO of First Digital, underscored the significance of this development, “The launch of this stablecoin marks a significant milestone in our mission to provide a secure, efficient digital currency seamlessly integrated into everyday transactions. Especially in these uncertain times, we see a growing demand for predictability. This was a driving factor in conceptualizing FDUSD.”

First Digital remains committed to transparency, pledging open scrutiny for every aspect of FDUSD. In collaboration with local and overseas regulatory authorities, First Digital Labs aims to ensure comprehensive compliance with all applicable laws, both present and future. Their objective is to set new standards of trust and stability in digital currency, guided by regulatory compliance.

In a world increasingly moving towards digital currencies, First Digital’s FDUSD brings a novel, secure, and reliable alternative to the table, marking a significant stride forward in digital asset innovation. For detailed information, prospective users are advised to review the FDUSD Stablecoin Whitepaper, the FD121 Account User Agreement, the FDD Terms, the Privacy Policy, and the FDD Risk Factors.

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Fireblocks Debut Crypto Payments Engine After Successful Trial With Checkout.com

by Blockchain NewsOctober 24, 2022

Multi-billion dollar crypto infrastructure services provider, Fireblocks is officially launching its crypto payments engine as it seeks to expand its broad influence in the space.

The new payment engine is specifically designed for merchants, and the launch was fueled after the successful trial of the engine with Checkout.com.

The pilot test with Checkout.com has seen as much as $1 billion settled by the duo, giving the confidence that the service is mass tested for the broader payment industry. As confirmed by Ran Goldi, Fireblocks’ vice president of payments, the service is “Token Agnostic” which means merchants will be able to choose any type of digital currencies they wish to support.

Fireblocks’ is commencing the payment service with FIS’s WorldPay, one of the biggest payment processing companies in the world. As an infrastructure service provider that was built to support massive scaling, the Fireblocks payment solution is well-suited for the global payment ecosystem.

Fireblocks’ primary business offering did not initially include payments, but this notably became the new focus for the company when it completed the acquisition of First Digital, a stablecoin processing firm. As reported by Blockchain.News at the time, the acquisition was valued at $100 million.

According to Goldi, the new service will prioritize stablecoins for now except merchants choose their preferred digital currencies to support. The reason for this conservative embrace is because of the regulatory difference across jurisdictions.

Many merchants are beginning to warm up to the prospect of accepting digital currencies as payments. Infact, several surveys have confirmed that the majority of supermarkets, retailers, and payment processors have either laid out strategies to accept crypto as payments or are in the process of doing so.

With Fireblocks’ new venture into the space, the company will now be competing with existing payment processors in the space including but not limited to BitPay and CoinPayments.

Image source: Shutterstock

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Tagged : Crypto Payments / Fireblocks / FIRST DIGITAL / News

Fireblocks Acquires Stablecoin Payments Startup- First Digital

by Blockchain NewsFebruary 17, 2022

Fireblocks, a digital asset custody, transfer, and settlement platform, has announced its acquisition of First Digital, which is a stablecoin, and digital asset payments technology platform, in a deal whose financial detail was not revealed.

As the company unveiled, the acquisition will strengthen the Fireblocks’ payment offering by granting access to all of its Payment Service Providers (PSPs) in its network to accept and conduct their businesses through digital currencies. The acquisition will help all the PSPs within the Fireblock ecosystem in response to the surging demand amongst retail investors for crypto-related payments.

“We’re thrilled to welcome First Digital to the Fireblocks family as we accelerate our expansion plans to help every business become a crypto business. We’re pushing ‘fast forward’ to give PSPs the suite of tools they need to begin accepting crypto payments,” said Michael Shaulov, CEO and Co-Founder.

Fireblocks is currently valued at $8 billion following its $500 million funding round in January. Its deep liquidity arguably paved the way for this acquisition. The deep capital has also positioned the Fireblocks startup as the highest-valued digital asset infrastructure provider globally. This designation will bolster its plans to champion the emergence of a new digital payments enterprise.

Following the acquisition, the First Digital team will join the Fireblocks engineering team, adding their knowledge and expertise in the payments space to the latter firm’s growing tech stack. Ran Goldi, the Chief Executive Officer, will also assume a new role as the Vice President of Payments at Fireblocks.

Mergers and Acquisitions (M&A) are becoming a very prominent trend in the digital currency ecosystem today. To maintain a balanced stance in being prepared for the onboarding of the following 1 billion users that will enter the digital currency ecosystem, firms with adequate backing from Venture Capital (VC) firms like FTX Derivatives Exchange have been making several strategic acquisitions last year.

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Tagged : Enterprise / Fireblocks / FIRST DIGITAL / M & A