Fidelity Expands Digital Asset Custody with Singapore Tie-Up
Fidelity’s digital asset arm will partner with Stack Funds in Singapore to expand its crypto custody business.
Fidelity Digital Asset Services (FDAS) will make its services available to Stack Funds, according to a statement, amid rapidly growing cryptocurrency interest in the region.
«There is a critical need for platforms which have a deep understanding of what local and regional investors are looking for,» said Christopher Tyrer, head of Fidelity Digital Assets Europe, underlining gaps in the digital asset market.
Crypto on the Rise in Asia
According to the statement, FDSA’s tie-up with Stack was driven by growing crypto demand in the region especially from high net worth investors and family offices.
Amongst large financial institutions, Fidelity has been much more progressive in the space, having set up Fidelity Digital Assets in late 2018. In August this year, it admitted that it had begun passively managing a Bitcoin fund for wealthy investors.
Also recently in the city-state, DBS was reportedly mulling a launch of its own cryptocurrency platform to trade Bitcoin, Bitcoin, Etheerum and Ripple against the Singapore dollar, Hong Kong dollar, Japanese yen or U.S. dollar.
