Quick take
1 minute read
- Earlier this year, Fidelity investments expanded its reach in the sector through its crypto subsidiary.
- The report was released by Bloomberg that said the crypto branch of the company, Fidelity digital asset services, has teamed up with Stack Funds in order to expand into Asia.
Earlier this year at the end of October, one of the biggest asset managers in the world, Fidelity investments expanded its reach in the cryptocurrency sector through its crypto subsidiary. The report was released by Bloomberg on the 29th of October that said the crypto branch of the company, Fidelity digital asset services has teamed up with the Singapore start-up known as Stack Funds in order to expand into Asia.
This partnership meant that Stack Funds would have access to the custody services from Fidelity as well as its clients in an attempt to meet increasing demand from some of the more high-profile investors in the region.
The head of the European arm of the digital asset subsidiary, Christopher Tyrer said that this new collaboration between the two companies will give a better picture of how investor demand works in Asia as he went on to say:
“There is a critical need for platforms which have a deep understanding of what local and regional investors are looking for has historically been lacking in the digital asset space.”
All of this begs the question as to how the future will look in Asia when it comes to the cryptocurrency space as companies such as Fidelity expand into the region.
Ever since the end of 2018, Fidelity has been significantly expanding its range of services on a global scale. Even at the end of last year, it established an official entity in the United Kingdom and helped provide services to institutional investors all over Europe.
It will be interesting to see how this plays out as a company the size of Fidelity expands into Asia.
