Fidelity Investments, one of the world’s largest asset managers, continues to expand its global reach in the cryptocurrency industry through its dedicated cryptocurrency subsidiary.
Fidelity Investments’ cryptocurrency arm Fidelity Digital Asset Services has partnered with a Singapore startup, Stack Funds, to expand its custody services in Asia, according to a Bloomberg report dated Oct. 29.
Within the association, Stack Funds will provide its clients with access to Fidelity’s custody services to meet the growing demand from high profile investors and family offices in the region.. Stack Funds executives said the assets held are subject to monthly audits and investor protections such as insurance coverage.
Christopher Tyrer, director of Fidelity Digital Assets Europe, said so The new partnership will give the company a better picture of investor demand in Asiain the following words:
“There is a critical need for platforms that have a deep understanding of what local and regional investors are historically looking for in the digital asset space.”
Since its launch in late 2018, Fidelity Digital Assets has expanded its services worldwide. In December 2019, Fidelity Digital Assets established an official entity in the UK to provide services to European institutional investors.
The demand for cryptocurrencies in Asia is growing rapidly as a large number of companies have expanded their services to the region in recent months.. In early October 2020, the major US crypto exchange Gemini announced that the company would expand in the Asia-Pacific region with a new high-profile employee. Chainalysis, a global leader in cryptocurrency analytics, opened new offices in Singapore and Tokyo to better serve customers in the Asia-Pacific region.