Boston-based Fidelity Investments’ digital assets arm, Fidelity Digital Asset Services (FDAS) has just announced a new partnership with Singapore crypto fund Stack Funds to offer its secure custody offerings to high net worth individuals (HNWIs) and family offices in the Asian region. This is to answer the increasing demand for crypto products by institutional and retail investors.
Michael Collett, co-founder of Stack Funds, said that it was challenging to convert investors into Bitcoin and other digital assets at the beginning of the year, but the severe market downturns as seen in March this year helped to change investor perception towards the crypto market. With increasing enquiries from investors after, this partnership will go a long way towards providing investors with the crypto products they need.
In the digital assets space, investors in Asia are on the lookout for platforms and services that have in-depth understanding of what they are looking for, said Christopher Tyrer, head of Europe’s Fidelity Digital Assets branch.
Fidelity has been moving rapidly to accelerate development in the digital assets space globally, beginning with its foray into crypto in October last year, followed by expansion to Europe in December, and in Hong Kong just two months ago as the company obtained approval from Hong Kong’s financial regulator to legally operate in the country. Collaborating with Stacked Funds will enable Fidelity’s access to a gateway which can lead them to the rest of Asia.
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