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Fidelity Investments’ crypto arm expands custody to Asia

Fidelity Investments — one of the largest asset managers in the world — continues to expand its global reach in the cryptocurrency industry through its dedicated crypto subsidiary.

According to an Oct. 29 Bloomberg report, Fidelity Investments’s crypto branch Fidelity Digital Asset Services has partnered with a Singaporean startup Stack Funds to expand its custody services in Asia.

Within the partnership, Stack Funds will provide access to Fidelity’s custody services to its clients in a bid to meet increasing demand from high-profile investors and family offices in the region. Stack Funds executives said that custodied assets will be subject to monthly audits and investor protections like insurance coverage.

Christopher Tyrer, head of Fidelity Digital Assets Europe, said that the new partnership will give the company a better picture of investor demand in Asia, stating:

“There is a critical need for platforms which have a deep understanding of what local and regional investors are looking for has historically been lacking in the digital asset space.”

Since its launch in late 2018, Fidelity Digital Assets has been expanding its services worldwide. In December 2019, Fidelity Digital Assets established an official entity in the United Kingdom to provide services to European institutional investors.

Crypto-related demand is rapidly growing in Asia as a large number of companies have been expanding their services to the region in recent months. In early October 2020, major American crypto exchange Gemini announced that the firm was expanding in the Asia-Pacific region with a new high-profile hire. Chainalysis — a major global cryptocurrency analytics firm — said that it was launching new offices in Singapore and Tokyo to better service customers in the Asia-Pacific region.

First published here

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