Fidelity Digital Assets Expands Crypto Custody Service to Asia

Oct 29, 2020 at 12:04 UTCUpdated Oct 29, 2020 at 15:52 UTC.The cryptocurrency-focused arm of financial services giant Fidelity Investments is teaming with Singapore-based Stack Funds to cater to the growing demand for cryptocurrencies in Asia.A new partnership will bring Stack's regional clients access to the secure custody services provided by Fidelity Digital Assets, according to a Bloomberg report Thursday.

All assets secured through Stack will be subject to monthly audits and will be insured, the firm said.

"We are pleased to utilize the custody services of Fidelity as we see a large uptick in demand for digital assets from traditional investors across Asia," Matthew Dibb, Stack Funds' co-founder and chief operating officer, told CoinDesk in a direct message.

The surge in demand for cryptocurrencies from Asia-based high-net-worth individuals and family offices is accompanied by increased institutional participation in bitcoin.

Several public companies, including the likes of MicroStrategy and Square, have recently disclosed their bitcoin investments, piquing interest in cryptocurrencies.

"There is now a critical need for platforms that have a deep understanding of what local and regional investors are looking for," Christopher Tyrer, head of Fidelity Digital Assets Europe said in a statement.

Fidelity Investments launched its digital assets arm in late 2018 and was linked to a passively managed bitcoin fund for wealthy investors that launched in August this year.