Fidelity Digital Asset Services revealed that the company is expanding into Asia and plans to help high-net-worth investors and family offices in the region through custodial crypto products. Fidelity is cooperating with Singapore startup Stack Funds, a custody business that provides comprehensive insurance for traditional financial institutions.
Fidelity Investment Co., Ltd. is an American multinational financial services company with a subsidiary named Fidelity Digital Asset Services (FDAS). As of June 2020, Boston-based Fidelity is one of the world’s largest asset management companies, managing $3.3 trillion in assets (AUM).
As early as August, documents from the US Securities and Exchange Commission (SEC) showed that Fidelity submitted an application to the US Securities and Exchange Commission (SEC) to cite Bitcoin Index Funds. Fidelity’s FDAS department has also expanded to Europe and opened a store in the UK.
Christopher Taylor, head of Fidelity Digital Assets Europe, spoke about the company’s latest expansion in Asia in an interview with Bloomberg. “There is an urgent need for a platform that has a deep understanding of what local and regional investors are looking for,” Tyrer said. “[Something that] He added: “There has been a lack of digital assets in history.”
Stack Funds co-founder Michael Collett (Michael Collett) detailed that the expansion of FAS to Asia will bring many benefits to family offices and high-net-worth investors. Collett revealed that the service will also provide digital currency insurance and monthly audits.
In the Asian expansion announcement, Colette said that the company did not expect the market cryptocurrency collapse in mid-March, that is, “Black Thursday.”
However, due to the market downturn and the recovery of the cryptocurrency market, Stack Funds noticed more inquiries.
Collett emphasized: “This year is difficult in terms of attracting people to Bitcoin because it did not hide its glory in the market downturn.” However, “Since the dark days of March, our inquiries have increased again,” Added Stack Funds co-founder.
How do you see the expansion of Fidelity’s digital asset services to Asia? Tell us what you think in the comments section below.
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