Fidelity Investments is one of the world’s largest asset management companies. Through its dedicated crypto subsidiary, it continues to expand its global influence in the cryptocurrency industry.
According to a Bloomberg report on October 29, Fidelity’s crypto subsidiary Fidelity Digital Asset Services has partnered with Singaporean startup Stack Funds to expand its custody services in Asia.
In this partnership, Stack Funds will provide Fidelity’s custody services to its clients to meet the growing needs of well-known investors and family offices in the region. Stack Funds executives said that the assets under custody will be audited monthly and will be protected by investors such as insurance.
Christopher Tyrer, head of Fidelity Digital Asset Europe, said that the new partnership will enable the company to better understand the needs of Asian investors, noting:
“We urgently need to be able to gain insight into what platforms local and regional investors are looking for, and these platforms have historically been lacking in the field of digital assets.”
Since its launch at the end of 2018, Fidelity Digital Assets has been expanding its services globally. In December 2019, Fidelity Digital Assets established an official entity in the UK to provide services to European institutional investors.
In recent months, as a large number of companies expand their services to the region, the demand for cryptocurrencies in Asia is growing rapidly. In early October 2020, Gemini, a major US cryptocurrency exchange, announced that it is expanding in the Asia-Pacific region and recruiting a new senior staff. Chainalysis, the world’s leading cryptocurrency analysis company, said it is opening new offices in Singapore and Tokyo to better serve customers in the Asia-Pacific region.
