Crypto Division of Fidelity Investments Starts Offering Custodial Services in Asia
One of the world’s largest asset managers, Fidelity Investments, is taking steps to extend its worldwide reach in the crypto sector via its devoted cryptocurrency subsidiary.
As per report published by Bloomberg on October 29, cryptocurrency division of Fidelity Investments, Fidelity Digital Asset Services, is collaborating with a Singapore headquartered firm Stack Funds to widen its custody facilities in Asia.
Within the collaboration, Stack Funds will pave way for access to Fidelity’s custody services to its customers in an attempt to fulfill rising demand from high-profile investors and family owned investment firms in the region.
Executives at Stack Funds stated that custody assets will be a matter of monthly audits and investor safeguard such as insurance coverage.
Christopher Tyrer, chief of Fidelity Digital Assets Europe, stated that the latest collaboration will give the enterprise a better view of investor needs 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 the rollout in the final stage of 2018, Fidelity Digital Assets has been widening its services across the globe. In December 2019, Fidelity Digital Assets setup an official firm in the UK to offer services to European institutional investors.
Demand related to crypto is fast growing in Asia as a huge number of enterprises have been expanding its facilities in the region in recent times. Earlier this month, top US crypto currency exchange Gemini stated that the company was widening its operations in the Asia Pacific region with distinct high-profile recruitment.
Chainalysis, a top international crypto analytics enterprise, stated that it was rolling out new offices in Tokyo and Singapore to offer improved service to its clients in the Asia-Pacific region.