Bitcoin’s Asian investors now have a new custody option.
Fidelity Investments, one of the world’s largest asset managers, continues to expand its global reach in the crypto currency industry through its dedicated crypto currency subsidiary.
According to a Bloomberg report on October 29, Fidelity Investments’ crypt currency branch, Fidelity Digital Asset Services, has partnered with a Singaporean startup, Stack Funds, to expand its custody services in Asia.
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Within the partnership, Stack Funds will provide access to Fidelity’s custody services to its clients in an attempt to meet the growing demand from high profile investors and family offices in the region. Stack Funds executives said that the assets under custody will be subject to monthly audits and investor protections such as 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, he said:
“There is a critical need for platforms that have an in-depth understanding of what local and regional investors are historically looking for in the digital asset space.
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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 cryptomoney is growing rapidly in Asia, as a large number of companies have expanded their services to the region in recent months. In early October 2020, the major US cryptomoney exchange, Gemini, announced that the company was expanding into the Asia-Pacific region with a new high-profile deal. Chainalysis, a leading global cryptanalysis firm, said it was opening new offices in Singapore and Tokyo to better serve clients in the Asia Pacific region.