Fidelity Aims at Crypto Wealthy Clients in Asia
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Oct. 29, 2020

Fidelity Digital Asset Services (FDAS) has entered into a partnership with Stack Funds, a Singaporean company focused on crypto services, to attract new wealthy clients, Bloomberg has learned.

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Stack will reportedly offer FDAS a secure cryptocurrency custody services to meet high demand from high-net-worth investors and family offices in the digital assets market. The custody provider will monthly audit the funds, and promises to protect holdings with insurance coverage.

Fidelity Digital Assets Europe Head Christopher Tyrer sees "a critical need" in reputable crypto services for local and regional investors:

"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."

Meanwhile, Stack’s Co-Founder, Michael Collett, notes the current year has been "tough as far as getting people into bitcoin." However, since "the dark-dark days of March" when the market crashed to annual lows it has had inquiries pick up again, Collett added.

Earlier in October, Fidelity Digital Assets, a subsidiary of Fidelity Investments, issued a new report in which drew a parallel between the current acceptance of bitcoin in institutional portfolios with the acceptance of emerging and frontier equities in portfolios in the late 1980s and early 1990s.

Fidelity Top Manager Files for Bitcoin-focused Fund

Combined with its multifaceted narrative and interesting effect of preserving retail and growing institutional sentiment, it could be a potentially useful and uncorrelated addition to an investor portfolio's toolkit, Fidelity highlighted.

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