Legacy Trust Dedicates New Business to Bitcoin, Crypto Custody

Hong Kong-based Legacy Trust is creating a new business arm dedicated entirely to cryptocurrency custody.

According to a press release shared with Bitcoin Magazine, the asset management firm has decided to fork its business, resulting in the “new and independent” First Digital Trust. The press release stressed that First Digital Trust will remain “linked to Legacy Trust, but at arm’s length” to ensure that each can focus on their respective custody services. For First Digital Trust, which anticipates that it will see “$28 billion worth of assets in custody within the next 3 years,” the room to breathe will be necessary to scale.

“Keeping traditional and digital asset business lines together beyond 2019 has become less advantageous to each business, both…

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