Fidelity Investments Launches Serving Major Asian Bitcoin Investors
A division of the financial corporation Fidelity Investments will provide services to Asian investors interested in cryptocurrencies. To this end, Fidelity Digital Asset Services (FDAS) entered into a partnership with Singapore-based crypto product provider Stack Funds, writes Bloomberg.
Stack Funds clients from high net worth investors and family management firms will have access to FDAS custody services. Stack Funds, for their part, promise to provide monthly audits and asset insurance.
“There is a critical need for platforms with a deep understanding of the needs of local and regional investors,” said Christopher Tyrer, head of Fidelity Digital Assets Europe. “Historically, this has been lacking in the digital asset space.”.
Fidelity joined the cryptocurrency industry before many other financial institutions. In August, it became known about the launch of its passively managed bitcoin fund for large investors. Fidelity Digital Assets was launched at the end of 2018. Fidelity CEO Abigail Johnson said at the time that their mission was to increase the availability of digital assets..
“This year has been challenging, as has been attracting investors to bitcoin because it hasn’t gained fame during the declining markets. Since the very, very dark days of March, the number of requests to us has started to rise again, ”said Michael Collett, co-founder of Stack Funds..
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