Fidelity Digital Asset Services (FDAS), Fidelity Investments‘ cryptographic asset management division, has partnered with the Singapore-based start-up Stack Funds to expand its custodial services in Asia. This was announced by Bloomberg.
As part of the partnership Stack Funds will provide its clients with access to Fidelity’s custody services in response to the growing demand from major investors in the region.
Stack states that the service will be audited on a monthly basis and promises to cover clients‘ assets.
Christopher Tyrer, head of Fidelity Digital Assets Europe, said the new partnership will give the company a better understanding of investor demand in Asia. „There is an urgent need for platforms with a deep understanding of what local investors are looking for,“ he said.
Since its launch in late 2018, FDAS has expanded its services worldwide. In December 2019, FDAS established a subsidiary in the UK to provide custodial services to European institutional investors.
In recent months, all large cryptographic companies have reported expansion in the Asia-Pacific region. In early October, the American cryptographic exchange Gemini hired a former top manager of Morgan Stanley for expansion in Asia. Analyst company Chainalysis has opened new offices in Singapore and Tokyo. The Kraken Exchange resumed trading in Japan after a two-year hiatus as part of its „broader expansion plans for Asia Pacific“.