Fintech PR
CCI Announces Major Expansion Across Geographies and Expertise
- Global expansion to Africa, Japan, and a partnership for global standards.
- Proof of Stake Alliance now part of the CCI ecosystem; new subject matter expert joins.
- New research partnership with Decentralization Research Center.
- Read more from CEO Sheila Warren.
WASHINGTON, Oct. 30, 2024 /PRNewswire/ — Today, the Crypto Council for Innovation (CCI) announced a series of significant developments as part of its continued growth and global expansion.
They include: partnerships with the Japan Cryptoasset Business Association (JCBA) and Global Digital Finance (GDF), the integration of the Proof of Stake Alliance (POSA) into the CCI ecosystem, and the addition of Yele Bademosi as Africa Advisor.
Expanding Expertise: Proof of Stake Alliance
Staking market value has surged to nearly $600 billion. Next year, regulators and policymakers across jurisdictions will turn increased attention to this growing ecosystem.
As part of our commitment to expanding technical expertise and to making sure leaders stay ahead of the curve, CCI is proud to announce the integration of the Proof of Stake Alliance (POSA) as a core project that will prioritize educating global policymakers on the critical role of staking in network security and decentralization.
The project will continue to be led by trusted expert Alison Mangiero, Executive Director of POSA. It is anchored by Figment and Polychain Capital and members include Andreessen Horowitz, Ava Labs, Blockdaemon, Eigen Labs, Electric Capital, Lido, Kiln, and Paradigm. Anchors will help guide the areas of strategic focus and all members will work on advocating for clear and forward-looking policies for an important year ahead.
“CCI has always been about setting the standard for the responsible growth of blockchain technology,” said Sheila Warren, CEO, Crypto Council for Innovation. “Combining POSA’s technical expertise with CCI’s global advocacy reach will create the ideal team to lead the conversation around the future of this crucial issue.”
“With staking more critical than ever, joining forces with CCI is a pivotal step forward,” said Alison Mangiero, Executive Director, POSA. “At the Proof of Stake Alliance, we’ve been dedicated to producing legal and policy research and advocating for policies that support, grow, and protect proof-of-stake technologies and raising awareness about their crucial role in network security and maintenance. We are ready to take this message forward globally.”
“The exponential growth of the staking market underscores its critical role in the blockchain ecosystem,” said Jennie Levin, Chief Regulatory and Strategy Officer, Figment. “As we join forces with Crypto Council for Innovation, Figment is committed to advocating for clear, equitable policies that foster innovation while ensuring consumer protection. Our goal is to educate policymakers globally on the technical nature of staking services, emphasizing their distinct role in network security and decentralization.”
“Polychain is proud to be an anchor of POSA and continue supporting this initiative to educate global policymakers about the essential role staking plays in network security and decentralization,” said Matt Perona, COO, Polychain Capital. “We look forward to identifying and raising topics of critical importance for consideration by the broader group that will help guide POSA’s work.”
Global Expansion: CCI partners in Japan, on Global Standards and adds Yele Bademosi as Advisor
CCI and JCBA Forge Partnership to Expand Digital Asset Policy Collaboration Across Asia
In a groundbreaking move, CCI and JCBA are joining forces to collaborate on advancing digital asset policy in Japan and across Asia. The partnership is focused on sharing regulatory insights, policy developments, and advocacy efforts to amplify their collective voice in the region.
“This partnership strengthens both organizations’ ability to drive thoughtful, informed policy discussions on a global scale,” said Warren. “We look forward to working with JCBA to shape the future of digital asset regulation in an increasingly key global market.”
This collaboration marks an important milestone in uniting the strengths of the U.S. and Japan in the crypto ecosystem. By aligning regulatory efforts across key markets, CCI and JCBA are poised to drive greater consistency in global policy approaches, enabling business and innovation to thrive while ensuring robust consumer protections.
Strengthening Industry Collaboration: CCI and Global Digital Finance (GDF)
CCI is excited to announce its collaboration with GDF. A leading organization dedicated to making finance truly global and digital, GDF focuses on reshaping financial services and markets through decentralized financial market infrastructure and digital assets.
Through this collaboration, both organizations will continue existing joint work on critical issues, including staking; engage jointly on select key policy papers and consultation responses to regulators and policymakers; and further build community engagement in the UK. This work will help ensure that crypto and digital assets are used responsibly and sustainably, laying the groundwork for a more inclusive global financial system.
“GDF and CCI share a common mission of promoting global financial inclusion and accessibility,” said Laura Navaratnam, UK Policy Lead, CCI. “This collaboration, along with CCI’s growing influence across various regions, are setting the stage for a more connected, innovative, and equitable future for blockchain and digital assets worldwide.”
“CCI and GDF are both recognised by industry, policymakers, and regulators as the preeminent global industry associations with a track record of building community consensus and delivering material outcomes that move the digital assets industry forward – the collaboration has created a supranational tour de force,” says Elise Soucie Watts, Executive Director, GDF.
CCI and GDF look forward to continuing to collaborate in order to support the digital asset ecosystem and to achieve appropriate regulatory outcomes for our members to help grow responsible innovation.
Expanding Networks Across Africa: Welcoming New Advisor Yele Bademosi
CCI welcomes Yele Bademosi as a new advisor. Yele, Co-Creator of Onboard Global and a prominent voice in the African blockchain space, will help CCI expand its network across the African continent. His extensive knowledge of Africa’s digital asset landscape and his commitment to fostering blockchain adoption make him a valuable addition to the CCI team.
“Yele’s appointment underscores CCI’s dedication to broadening its global reach, with a particular focus on Africa’s rapidly growing interest in blockchain technology,” Warren said. “Through his leadership, CCI will work to connect African innovators with global policymakers, ensuring that Africa’s burgeoning crypto industry is represented in discussions shaping the future of digital finance.”
With these key developments, CCI is poised to lead the conversation on the future of blockchain technology, fostering an environment of innovation, collaboration, and forward-thinking regulation across the globe.
Focusing on Fundamentals: CCI and Decentralization Research Center
CCI and the Decentralization Research Center (DRC) are also announcing a partnership aimed at advancing research and promoting collaboration on the critical issue of decentralization within blockchain technology.
As decentralized technologies continue to reshape industries, the DRC will focus on defining use cases, key metrics, and features that illustrate the spectrum of decentralization across blockchain networks.
Through this partnership with CCI, a broad range of stakeholders will gain evidence-based insight from educational materials and analyses that highlight the importance of decentralized models.
The DRC believes that decentralization is not only key to blockchain but is also critical across all emerging technologies to ensure more equitable ownership and governance of the systems that shape our society. While CCI remains focused on the crypto ecosystem, there is increasing interest from policymakers in decentralization as it relates to adjacent technologies, including artificial intelligence.
“This collaborative effort will foster clarity and consensus, helping to elevate the voice of decentralized communities and inform regulatory and policy frameworks that reflect the unique value of decentralized systems,” Warren said.
“Decentralization is the cornerstone of trust and resilience in blockchain systems,” said Connor Spelliscy, Executive Director, DRC. “We’re excited to partner with CCI to deepen understanding and promote frameworks that capture the value of decentralization.”
Addendum – Executive Quotes on POSA
“We founded the Alliance when many of the first proof of stake blockchains were launching, and the first staking as a service providers were beginning to commercialize their services,” said Evan Weiss, COO of Alluvial and Founder of POSA. “In the years since, the staking industry has grown and matured exponentially. I’m excited for POSA to take its next step forward as a global player, advocating for the regulatory clarity that would unleash a new wave of institutional and mainstream adoption for staking ecosystems, and bring millions of new users onchain.”
“At Blockdaemon, we’re proud to be part of POSA, marking a significant step toward amplifying the voice of the staking industry on a global scale,” said Konstantin Richter, CEO & Founder, Blockdaemon. “As proof-of-stake ecosystems expand, it’s crucial to advocate for clear, thoughtful standards to help risk management while pushing forward innovation to establish staking as a critical technical service.”
About the Crypto Council for Innovation
The Crypto Council for Innovation is the premier global alliance for advancing innovation. It believes in leading with a global view, advocating for inclusive regulation, and developing evidence-based insights to support government and business leaders. It has teams in San Francisco, Washington DC, New York, Denver, London, Brussels, and Hong Kong.
Press contact
Amanda Russo, Director of Communications, Crypto Council for Innovation, [email protected] +1 510 761 1657
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Fintech PR
e& announces Q3 2024 earnings with consolidated revenue growth of 10% to AED 14.4 billion
e& completes acquisition of controlling stake in PPF Telecom and 100% acquisition of GlassHouse, expanding its footprint to 38 countries
ABU DHABI, UAE, Oct. 30, 2024 /PRNewswire/ — e& today announced its Q3 2024 consolidated financial results, reporting consolidated revenue of AED 14.4 billion, growing 10 per cent year-over-year in constant currency, while consolidated revenues for the first nine months of year 2024 recorded AED 42.7 billion, growing 9 per cent YoY, reflecting continued growth across most verticals.
e& completed an important milestone by closing the transaction of PPF Telecom that will enhance the group portfolio diversification while it continues to grow its digital services across enterprise solutions, fintech, and media and entertainment sectors. This diversification will allow it to pursue its strategic ambition of transitioning to a global technology player.
e&’s total subscriber base witnessed a YoY increase of 6 per cent, reaching 177.3 million. The total number of e& UAE subscribers reached 14.7 million, representing a YoY growth of 5 per cent.
Financial Highlights
Q3 2024 |
Q3 2023 |
9M 2024 |
9M 2023 |
|
Revenue |
AED 14.4 billion |
AED 13.4 billion |
AED 42.7 billion |
AED 40.0 billion |
Net Profit |
AED 3 billion |
AED 3 billion |
AED 8.5 billion |
AED 7.7 billion |
EBITDA |
AED 6.5 billion |
AED 6.9 billion |
AED 19.4 billion |
AED 19.6 billion |
Earnings per Share |
AED 0.34 |
AED 0.34 |
AED 0.97 |
AED 0.88 |
Hatem Dowidar, Group Chief Executive Officer, e&, said: “e& continued its strong momentum in the first nine months, with consolidated revenue growing 9 per cent in constant currency to AED 42.7 billion.
We scaled up e&’s telecom footprint to 20 countries, bringing our overall reach to 38 markets. This growth, coupled with our solid performance in both local and international markets, drove our consolidated net profit to reach AED 8.5 billion growing 10 per cent during the first nine months. Furthermore, consolidated EBITDA reached AED 19.4 billion, resulting in EBITDA margin of 45 per cent, while our telecom EBITDA margin remained resilient at 49%”.
“Now that we have completed the acquisition of a controlling stake in PPF Telecom Group, we look forward to the opportunities that will arise as we expand our global horizon, impacting the lives of over 1 billion people across the Middle East, Asia, Africa, and now Central and Eastern Europe—marking our first operational foothold in Europe. By combining our expertise with PPF Telecom’s strong local presence, we’re well-positioned to drive digital transformation and empower societies across this region,” added Dowidar.
He concluded, “e& remains dedicated to championing the UAE’s leadership vision as the country continues to advance its digital agenda as a role model of digitalisation. Our investment in cutting-edge infrastructure and strategic partnerships will ensure that we continue to deliver futuristic solutions and digital services that drive sustainable progress and transformation.”
Media Contacts – Nancy Sudheer, Senior Manager at e&, [email protected]
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Fintech PR
The Rise of Insurance Third Party Administrator Market: A $544.67 Billion Industry Dominated by Tech Giants – Sedgwick, Crawford and Company and CorVel Corp | The Insight Partners
The global insurance third party administrator market is set for explosive growth, with projections indicating a surge to $544.67 billion by 2031. This remarkable expansion, driven by the increase in preference for administrators in health insurance and growing complexity of insurance claims.
NEW YORK, Oct. 30, 2024 /PRNewswire/ — According to a new comprehensive report from The Insight Partners, “Insurance Third Party Administrator Market Size and Forecast (2021 – 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Insurance Type (Healthcare, Retirement Plans, Commercial General Liability Insurers, and Other Insurance Types), End User (Large Enterprises and SMEs), and Geography”. For Detailed Market Insights, Visit: https://www.theinsightpartners.com/reports/insurance-third-party-administrator-market
The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the insurance third party administrator market comprises a vast array of type and end user which are expected to register strength during the coming years.
For More Information and To Stay Updated on The Latest Developments in The Insurance Third Party Administrator Market, Download The Sample Pages: https://www.theinsightpartners.com/sample/TIPRE00039066/
Market Overview and Growth Trajectory:
Insurance Third Party Administrator Market Growth: According to an exhaustive report by The Insight Partners, the Insurance Third Party Administrator Market is experiencing significant growth, driven by digital third-party administrators. The market, valued at $256.02 billion in 2023, is expected to grow at a Compound Annual Growth Rate (CAGR) of 9.9% during 2023–2031.
The global insurance third party administrator market is observing substantial growth and is expected to maintain its upward trajectory in the foreseeable future. The increasing need for administrators in health insurance and the surging complexity of insurance claims fuel the growth of the insurance Third Party administrator market. Further, the proliferation of the insurance industry creates opportunities for market growth. Digital Third-Party administrators are emerging as a significant trend in the market. On the other hand, data privacy concerns and security concerns limit the growth of the insurance Third Party administrator market.
Digital Third-Party Administrators: Digital Third Party administrators are transforming the insurance Third Party administrator business by harnessing the capabilities of AI and machine learning, which can allow the scanning of massive volumes of data to detect fraudulent claims and predict future hazards. The advanced data management capabilities lower costs for insurers and allow them to make more educated underwriting and risk management decisions. Digital Third-Party administrators provide self-service portals for policyholders to file claims, track their progress, and access policy papers. This promotes transparency and convenience, resulting in a more positive consumer experience.
Increase in Preference for Administrators in Health Insurance: Third Party administrators serve as mediators between insurance companies and policyholders. They oversee specific services, such as processing claims, providing customer support, and managing payment transactions on behalf of health insurance companies. These service providers play a pivotal role in handling different facets of health insurance. They maintain policyholders’ important records in a dedicated database and provide smooth back-end assistance. Third Party administrators also ensure the correct processing of policyholders’ claims. They guarantee that the hospitals they manage meet the standards of network membership, allowing for hassle-free claim settlement. Various value-added services provided by several Third-Party administrators include specialized consultations, ambulance services, medical supplies, wellness programs, lifestyle management, 24-hour toll-free helplines, and health facilities. Due to these benefits, various renowned insurers opt for Third Party administrators. For example, insurers such as Oriental Insurance, New India Assurance, National Insurance, and United India are using Vidal Health Insurance TPA, Health Insurance TPA of India Ltd, Focus Health Services TPA Pvt. Ltd, Family Health Plan Insurance TPA Limited, and others. Thus, a broad application of Third Party administrators in healthcare insurance drives the growth of the market.
Stay Updated on The Latest Insurance Third Party Administrator Market Trends: https://www.theinsightpartners.com/sample/TIPRE00039066/
Growing Complexity of Insurance Claims: The insurance industry is highly regulated, and need to comply with multiple state and federal rules can be difficult. Third Party administrators play a vital role in settling insurance claims. They play a crucial role in administering insurance policies and claims on behalf of policyholders. The primary responsibility of any Third-Party administrator is to help policyholders during the claim settlement process between the policyholder and the insurer. This process begins when policyholders report their claims to the insurance company. It entails obtaining critical data such as the insurance number, incident details, and contact information. Various Third Party administrators are offering claim management with integrated solutions to simplify claim management. In December 2021, CorVel Corporation launched CogencyIQ. Leveraging artificial intelligence and predictive analytics, its products offer actionable insights and solutions for risk managers and claims professionals. CogencyIQ works seamlessly with CorVel’s integrated claims management technology, CareMC Edge, to provide a comprehensive solution for customers with the tools needed to analyze large data volumes and navigate complex claims. Thus, the burgeoning complexity of insurance claims creates a need for Third Party administrators, which is driving the growth of the market.
Geographical Insights: In 2023, North America led the market with a substantial revenue share. Asia Pacific is the second-largest contributor to the global insurance third party administrator market, followed by Europe.
Insurance Third Party Administrator Market Segmentation, Applications, Geographical Insights:
- Based on insurance type, the insurance third party administrator market is segmented into healthcare, retirement plans, commercial general liability insurers, and other insurance types. The healthcare segment held the largest share of the insurance Third Party administrator market in 2023.
- Based on end user, the insurance third party administrator market is segmented into large enterprises and small and mid-sized enterprises. The large enterprises segment held the largest share of the insurance Third Party administrator market in 2023.
- The insurance third party administrator market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
Purchase Premium Copy of Global Insurance Third Party Administrator Market Size and Growth Report (2023-2031) at: https://www.theinsightpartners.com/buy/TIPRE00039066/
Key Players and Competitive Landscape:
The Insurance Third Party Administrator Market is characterized by the presence of several major players, including:
- Sedgwick
- Crawford and Company
- CorVel Corp.
- United Healthcare Services LLC
- Helmsman Management Services, LLC
- Charles Tayler
- ExlService Holdings, Inc.
- Gallagher Bassett Services LLC
- Meritain Health, Inc.
These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.
Insurance Third Party Administrator Market Recent Developments and Innovations:
- “Sedgwick has announced several new updates to its artificial intelligence-powered (AI) technology program. Building on a half-century of claims handling excellence and a robust data science program. The technology goal is to expedite the claims process by predicting, addressing, and automating steps in the claim lifecycle, thereby enhancing consumer experiences and streamlining claim resolutions.”
- “Crawford & Company’s Third-Party administration business in the United Kingdom, Crawford TPA, has teamed with British insurtech Automated Insurance Solutions (AIS) to support speedier motor claims processing in the country. Crawford TPA will use AIS’s automated motor claims liability assessment tool, BAIL, as part of its growing digital claims management ecosystem.”
- “CorVel Corporation, a national provider of risk management solutions, has launched CogencyIQ. Leveraging artificial intelligence and predictive analytics, CorVel can provide actionable insights and solutions for risk managers and claims professionals. CogencyIQ works seamlessly with CorVel’s integrated claims management technology, CareMC Edge, to provide a comprehensive solution for customers with the tools needed to analyze large amounts of data and navigate complex claims.”
For Region-Specific Market Data, Check Out Brief Sample Pages: https://www.theinsightpartners.com/sample/TIPRE00039066/
Insurance Third Party Administrator Market Drivers, Challenges, Future Outlook and Opportunities:
In terms of revenue, North America dominated the insurance third-party administrator market share, followed by APAC and Europe. The insurance third-party administrator market in North America is subsegmented into the US, Canada, and Mexico. The US is anticipated to hold the largest market share in the region in 2031. In the US, there are three main insurance sectors: property/casualty (P/C), i.e., mainly auto, home, and commercial insurance; life/annuity, mainly life insurance and annuity products; and private health insurance. Such a vast industry generates the demand for third-party administrator services in the country. The third-party administrators in the country are engaged in various strategies to reach more customers. For example, in January 2024, Rokstone, a specialty insurance and reinsurance managing general agency and a part of the Aventum Group, launched a new third-party administrator service based in Kentucky. Rokstone’s new Verus TPA manages Rokstone’s agricultural claims in the US.
As countries grow and people gain more discretionary income, they are more likely to be able to afford and recognize the value of insurance products such as life, health, and property insurance plans. This is especially true for a burgeoning middle class striving for financial stability. People are becoming increasingly conscious of the possibility of financial loss due to unforeseen circumstances such as illness, accidents, or natural catastrophes. As a result, individuals, businesses, and other entities seek insurance policies to safeguard themselves from the repercussions, which fuels the demand for insurance solutions that can assist in managing these risks. According to the Federal Insurance Office (FIO), the US had 667 licensed L&H insurers, 2,656 P&C insurers, and 1,355 health in 2022. According to the India Brand Equity Foundation (IBEF), the insurance industry is one of the premium segments seeing significant expansion in India. This upward trend in the insurance sector can be ascribed to rising revenues and increased awareness of the profession. India has the sixth-largest life insurance market among emerging economies, growing at a pace of 32–34% per year. In recent years, the industry has experienced vigorous competition among rival businesses. Moreover, the insurance sector faces numerous constraints, including highly dynamic regulatory complications, which present organizations with considerable threats to financial and operational stability. Thus, the ongoing proliferation of the insurance industry is creating opportunities for the growth of the insurance third-party administrator market.
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Conclusion:
A Third Party administrator is an entity that handles administrative and operational tasks associated with an insurance plan. Administrative duties frequently include processing claims, enrolling consumers, and collecting premiums, adhering to federal rules. Third Party administrators do not create the policies of health insurance plans, but they help guarantee their implementation. A single Third-Party administrator may work with multiple insurers. While Third Party administrators are typically linked with health insurance, they are employed in a wide range of other segments of the insurance industry. Commercial liability insurers and retirement plan administrators frequently hire Third Party administrators to serve as claims adjusters or customer service representatives. Third Party administrator companies can be major multinational corporations, while individuals having Third Party administrator certification can also work as independent contractors.
The insurance claim process can be complex and time consuming. In such cases, a Third Party administrator can help policyholders claim benefits. The administrators guide policyholders throughout the claim procedure and file claims on their behalf. Once a claim is filed, the Third-Party administrator will investigate and verify it. Further, their services can be tailored to a wide range of needs. Moreover, insurers can customize their agreements made with Third Party administrators based on their specific needs. Other noteworthy offerings of administrator services include health benefits reporting and analytics, adjudicating claims, customer service for plan members, healthcare provider network access, detailed healthcare expense reporting, and collaborations with brokers and health insurance consultants.
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With projected growth to $544.67 billion by 2031, the Insurance Third Party Administrator Market represents a significant opportunity for insurance carriers, Third Party administrators (TPA), regulatory bodies, and end users. By staying abreast of market trends, embracing innovation, and focusing on quality and performance, companies can position themselves for success in this dynamic and evolving market landscape.
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- Artificial Intelligence (AI) in Insurance Market Growth, Size, Share, Trends, Key Players Analysis, and Forecast till 2031
About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
Contact Us:
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Ankit Mathur
E-mail: [email protected]
Phone: +1-646-491-9876
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Fintech PR
FDUSD Expands to the Solana Blockchain to Further Strengthen and Bolster Access
The development adds to its existing availability across Ethereum, BNB Chain and Sui
DUBAI, UAE, Oct. 30, 2024 /PRNewswire/ — First Digital Group (“First Digital” or the “Group“), a leader in digital asset custody and trust services in Asia and parent company of FD121 Limited (also known as First Digital Labs), announces that First Digital USD (“FDUSD“) will be natively deployed to the Solana blockchain, further strengthening and bolstering access to the stablecoin.
The announcement was made at Binance Blockchain Week 2024, marking a significant milestone in First Digital’s commitment to delivering fast, secure, and cost-effective stablecoin transactions for global users. By integrating with Solana’s high-performance blockchain, FDUSD will leverage Solana’s ultra-fast transaction speeds, low fees and high scalability to meet growing demand for accessible, cross-chain stablecoin solutions by end of 2024.
As a fast-growing challenger in the stablecoin arena, FDUSD continues to provide diverse options to users and partners. By adding Solana to its growing list of supported blockchain networks, FDUSD will empower both retail and institutional users to take advantage of Solana’s scalability, unlocking new possibilities for cross-border payments, decentralised finance (DeFi), and everyday transactions.
With Solana’s impressive processing speed—capable of handling up to 65,000 transactions per second—users can experience near-instant transaction confirmations. This integration aims to support applications in areas such as DeFi and payments, driving greater utility and adoption of FDUSD across both emerging and established markets.
Vincent Chok, CEO and Founder of First Digital commented: “Expanding FDUSD onto Solana represents a significant step in our mission to enhance its accessibility, availability and utility across multiple blockchain ecosystems. Solana’s robust and scalable infrastructure will allow us to deliver even greater value to our users, supporting a wider range of financial use cases and enabling faster, more efficient transactions.”
Lily Liu, President of Solana Foundation, added: “As Solana continues to lead the way to redefining blockchain scalability and performance, we are excited to welcome FDUSD into our ecosystem. The integration of FDUSD on Solana will enable new possibilities for real-world, on-chain financial innovations.”
FDUSD is a 1:1 USD-backed stablecoin issued by First Digital Labs, the brand name of FD121 Limited. The FDUSD stablecoin is backed on a 1:1 basis by one U.S. dollar or assets of equivalent fair value, held in accounts of regulated financial institutions globally. Independent reserve audits are published monthly. FDUSD is currently available on Ethereum, BNB Chain and Sui.
About First Digital Group
First Digital Group (“First Digital”) is the parent company of First Digital Trust Limited, Asia’s leading qualified custodian and registered trust company, and FD121 Limited (also known as First Digital Labs), issuer of First Digital USD (FDUSD).
First Digital Group safeguards, advances and innovates to help clients navigate digital assets as well as benefit from trusted next-generation financial services.
First Digital was established in 2017 under the umbrella of the Legacy Trust Company, an established custodian and trust established in 1992 and registered under the Trustee Ordinance in Hong Kong. Its mission is to help clients benefit from a digital-first future by combining digital asset innovation with its strong foundation in trust, custody and asset management services. The Group’s custody and trust arm, First Digital Trust Limited, was established in 2019 and became a fully independent public trust corporation headquartered in Hong Kong with a presence across Asia.
First Digital Trust Limited has been recognised as one of HSBC’s ‘Emerging Giants in Asia Pacific‘ Report 2022, while its innovation subsidiary, FD121 Limited (a.k.a. First Digital Labs), is the issuer of the FDUSD stablecoin.
About First Digital Labs
First Digital Labs is the brand name of FD121 Limited, a Hong Kong-registered subsidiary under the First Digital Group. First Digital Labs focuses on cutting-edge research and development, specialising in the innovation and advancement of digital assets. First Digital Labs is the issuer of the FDUSD stablecoin.
To learn more about First Digital Labs, visit https://firstdigitallabs.com/
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