Home Coins Bitcoin (BTC) Fidelity Investments' Digital Asset Custody Services Arm Expands to Asia

Fidelity Investments’ Digital Asset Custody Services Arm Expands to Asia

- Advertisement -


Fidelity Digital Asset Services has revealed the company is expanding into Asia and plans to help high-net-worth investors and family offices in the region with custodial crypto products. Fidelity is working with the Singaporean startup Stack Funds, a fully-insured custody operation servicing traditional financial institutions.

Fidelity Investments Inc., is an American multinational financial services corporation that operates a subsidiary called Fidelity Digital Asset Services (FDAS). As of June 2020, the Boston-based Fidelity is one of the largest asset managers worldwide with $3.3 trillion in assets under management (AUM).

Back in August, filings with the U.S. Securities and Exchange Commission (SEC) had shown Fidelity filed with the SEC to invoke a bitcoin index fund. Fidelity’s FDAS unit also expanded to Europe as well and set up shop in the UK.

Speaking with Bloomberg, Christopher Tyrer, head of Fidelity Digital Assets Europe spoke about the company’s latest Asian expansion. “There is a critical need for platforms which have a deep understanding of what local and regional investors are looking for,” Tyrer detailed. “[Something that] “has historically been lacking in the digital asset space,” he added.

Stack Funds cofounder, Michael Collett, detailed that the FDAS expansion into Asia will offer a number of benefits to family offices and high-net-worth investors. Collett revealed services will offer digital currency insurance and monthly audits as well.

During the Asian expansion announcement, Collett said that the firm didn’t expect the mid-March market crypto rout, otherwise known as ‘Black Thursday.’

However, since the market downturn, crypto markets have picked up and Stack Funds has noticed more inquiries.

“This year has been tough as far as getting people into Bitcoin because it didn’t cover itself with glory in the market downturn,” Collett stressed. But “since the dark-dark days of March we’ve had inquiries pick up again,” the Stack Funds cofounder added.

What do you think about Fidelity Digital Asset Services expanding into Asia? Let us know what you think in the comments section below.

Tags in this story
Bitcoin, Bitcoin (BTC), BTC, Christopher Tyrer, Cryptocurrency, Custodial Services, custody, Digital Assets, Family Offices, FDAS, fidelity, fidelity bitcoin index fund, Fidelity Digital Assets, Fidelity Investments, Hedge Funds, High-Net Worth Investors, institutional investors, Michael Collett, Stack Funds

Image Credits: Shutterstock, Pixabay, Wiki Commons, Fidelity Investments’,

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





Source link

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
472FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,556FollowersFollow
2,230SubscribersSubscribe
USD - United States Dollar
EUR
1.21
GBP
1.34
CHF
1.12
NOK
0.11
JPY
0.01
CAD
0.78
AUD
0.74

Most Popular

Cardano to Launch Hard Fork Before Next Major Development Phase

IOHK, the development team behind public blockchain project Cardano, said it is set to launch a hard fork in December as part of...

Ethereum ETF to debut on the Toronto Stock Exchange

Next week, Canadian digital asset investment manager 3iQ will be launching an IPO for the world’s first Ethereum ETF, The Ether Fund, on the...

Huobi Global looks to become key player in Polkadot ecosystem

Two announcements from Huobi Global on Friday indicate that the cryptocurrency exchange is angling to become a key player in the growth of...
bitcoin
Bitcoin (BTC) $ 19,299.32
ethereum
Ethereum (ETH) $ 605.81
ripple
XRP (XRP) $ 0.620760
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 291.66
bitcoin-cash-sv
Bitcoin SV (BSV) $ 182.45
litecoin
Litecoin (LTC) $ 84.84
eos
EOS (EOS) $ 3.02
binancecoin
Binance Coin (BNB) $ 29.97
okb
OKB (OKB) $ 5.18
tezos
Tezos (XTZ) $ 2.33
leo-token
LEO Token (LEO) $ 1.36
cardano
Cardano (ADA) $ 0.161523
monero
Monero (XMR) $ 134.20
stellar
Stellar (XLM) $ 0.178286
chainlink
Chainlink (LINK) $ 13.36
huobi-token
Huobi Token (HT) $ 3.93
tron
TRON (TRX) $ 0.030909
usd-coin
USD Coin (USDC) $ 1.00
dash
Dash (DASH) $ 104.13
neo
NEO (NEO) $ 18.01
iota
IOTA (MIOTA) $ 0.344025
nem
NEM (XEM) $ 0.247697
zcash
Zcash (ZEC) $ 72.54
maker
Maker (MKR) $ 533.48
paxos-standard
Paxos Standard (PAX) $ 0.999335
ethereum-classic
Ethereum Classic (ETC) $ 6.24
vechain
VeChain (VET) $ 0.017386
true-usd
TrueUSD (TUSD) $ 0.998471
ftx-token
FTX Token (FTT) $ 4.54
kucoin-shares
KuCoin Shares (KCS) $ 0.826851
waves
Waves (WAVES) $ 7.97