Fidelity Investments – one of the world’s largest asset managers – continues to expand its global reach in the cryptocurrency industry through its dedicated crypto subsidiary.
According to a Bloomberg report from October 29, Fidelity Investments’ crypto arm, Fidelity Digital Asset Services, has partnered with Singaporean startup Stack Funds to expand its custody services in Asia.
As part of this partnership, Stack Funds will provide access to Fidelity custody services to its clients in order to meet the growing demand from leading investors and family offices in the region. Stack Funds executives said the assets held would be subject to monthly audits and investor protections like insurance coverage.
Christopher Tyrer, Head of Fidelity Digital Assets Europe, said the new partnership will give the company a better picture of investor demand in Asia, saying:
“There is a critical need for platforms that have a deep understanding of what local and regional investors are looking for and which have historically been lacking in the digital asset space.”
Since its launch in late 2018, Fidelity Digital Assets has been expanding its services around the world. In December 2019, Fidelity Digital Assets established a formal entity in the UK to provide services to European institutional investors.
Demand for crypto is growing rapidly in Asia as a large number of companies have expanded their services in the region in recent months. In early October 2020, leading US crypto exchange Gemini announced that the company was expanding into the Asia-Pacific region with a new high-level hire. Chainalysis – a leading global cryptocurrency analysis firm – said it was opening new offices in Singapore and Tokyo to better serve customers in the Asia-Pacific region.