First Digital Trust’s RSCN will transform the way digital assets are owned, traded and invested in.

Instant settlement 24/7. Irrevocable. No counterparty risk. No middlemen. That’s the promise from First Digital Trust’s Rapid Settlement and Clearing Network (RSCN). The network is currently in testing but due to launch in Asia by May 2020. (hedgeweek)

It seems like manna from heaven for crypto traders, dealers in digital assets, and institutions. The RSCN network from Hong Kong-based First Digital Trust will assure secure and efficient settlement of all transactions in digital assets under its custodianship. It will be especially useful for Asian over-the-counter desks and financial institutions, whose cryptocurrency trades have currently to be routed through the Silvergate Exchange Network (SEN). SEN is a settlement layer offered by California-based Silvergate Bank. It allows the exchange of fiat (USD) and cryptocurrencies at crypto exchanges.

Advantage: RSCN

“By utilizing the immediate settlement network, trust is instant and immortal. You can keep accurate, private and trustworthy records and trace all activity within the ecosystem. This is advantageous and profitable as people can hold their investments and assets for generations,” says Gunnar Jaerv, COO of FDT.

FDT’s assets, both fiat and crypto, would be held in Hong Kong. It is legal in Hong Kong to offer custody services for both kinds of assets. Asian institutions can, therefore, execute their transactions in these assets safely and easily using the FDT RSCN. Note that Asian trading constitutes a large percentage of total global cryptocurrency volumes.

Furthermore, by using the FDT RSCN, Asian traders would also avoid the need for round-tripping their transactions through a US-domiciled and regulated bank like Silvergate. Again, Silvergate allows only US Dollars, whereas FDT’s RSCN will accept any free trading currency such as USD, Euros, GBP, HKD and SGD.

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