A new partnership for Fidelity Digital Asset Services wants to facilitate the interests in cryptocurrencies among Asian investors.
According to an Oct. 29 Bloomberg report, Fidelity Investments’s crypto branch Fidelity Digital Asset Services has participated with a Singaporean startup Stack Funds to expand its crypto custody services in Asia.
Stack Funds, which is based in Singapore, 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 all assets will be subject to monthly audits and investor protections like insurance coverage.
Christopher Tyrer, head of Fidelity Digital Assets Europe said in a statement;
“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.”.
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. And Several public companies have recently disclosed their bitcoin investments.
Fidelity Investments launched its digital assets arm in late 2018 and has been expanding its services worldwide.