- Digital Assets Custodian FDAS Expands Into Asia
- Targeting High Net Worth Crypto Investors With A New Partnership
Fidelity Digital Assets Service, one of the largest financial corporations dealing in Bitcoin, announced a partnership with Stack Funds, a Singapore-based fintech startup, to provide digital assets custody to its customers across Asia, Bloomberg reported on Thursday.
The partnership targets to offer a secure and accessible crypto custodial service to the high net worth individuals and families across Asia aiming to fill the high demand for such services in the region.
Speaking on the partnership, Christopher Tyrer, head at Fidelity Digital Assets Service in Europe said,
“There is a critical need for platforms which have a deep understanding of what local and regional investors are looking for” that “has historically been lacking in the digital asset space.”
Stack Fund is a leading provider of cryptocurrency and digital assets index funds in Asia. The firm aims to capture more market share across the region with the latest partnership with Fidelity. Customers’ assets and funds will be audited monthly and also receive unique protection programs such as insurance coverage and offer weekly contributions and redemptions.
Following its launch in 2018, Fidelity Investments crypto wing, FDAS, the firm has grown as one of the largest traditional finance custodians of digital assets. The latest move to Asia aims to offer risk mitigation and attract high net worth individuals and families to digital assets, Michael Collett, Stack’s co-founder said.
Collett aims at turning the tide of Bitcoin adoption, which he explains has not been on the explosive tide despite the skyrocketing prices currently. He further said,
“This year has been tough as far as getting people into Bitcoin because it didn’t cover itself with glory in the market downturn. [But] “since the dark-dark days of March we’ve had inquiries pick up again.”
Over the past months, however, a number of institutions and high net worth individuals have entered the crypto space. MicroStrategy’s CEO, Michael Saylor recently announced he personally held over $253 million in Bitcoin announcing the firm wants to buy more Bitcoin. Notwithstanding, PayPal, a global payments firm announced the addition of crypto purchases – opening a gateway to digital assets to over 300 million customers.