Fidelity Investments expands crypto custody business to Asia

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Fidelity Digital Assets, the crypto asset management subsidiary of Fidelity Investments, is expanding its customers in Asia.

According to Bloomberg News, Fidelity Digital Assets has partnered with Singapore-based Stack Funds to promote the growing interest of Asian investors in cryptocurrencies.

According to a statement from Stack Funds, the company will provide its customers with secure custody services for Fidelity’s digital assets to meet the growing needs of Asian high-net-worth investors and family offices. All assets guaranteed by the company will be audited monthly and promised to provide insurance protection, which can be paid and redeemed on a weekly basis.

Stack co-founder Michael Collett said in an interview that the company’s goal is to attract investors in the region by reducing risk and attracting Fidelity’s participation.

Fidelity Investments entered the field of digital assets earlier than many other large financial institutions.

According to a report by “Beijing”, in August this year, the company disclosed that it would create a passively managed Bitcoin fund for wealthy investors. The company founded Fidelity Digital Assets at the end of 2018, and CEO Abigail Johnson said this was to improve investor accessibility to crypto assets.

In the past few months, institutions have become increasingly interested in crypto assets. Payment giant PayPal has announced that it will begin to provide customers with crypto trading services. JP Morgan Chase’s digital currency JPM Coin has also been used by large technology companies for cross-border payments for the first time.

Collett said, “It was very difficult to get people into the Bitcoin market at the beginning of this year because Bitcoin did not prove itself during the market downturn. Since March, investor interest in us has heated up again.”