The crypto-focused arm of monetary services giant Fidelity Investments is now collaborating with Singapore-based Stack Funds to cater to the growing demand for cryptocurrencies within Asia.
This new collaboration will bring Stack’s regional clients access to the secure custody services provided by Fidelity Digital Assets, consistent with a Bloomberg report today.
All assets secured through Stack are going to be subject to monthly audits and can be insured, the firm added.
“We are pleased to utilize the custody services of Fidelity as we see an outsized uptick in demand for digital assets from traditional investors across Asia,” Matthew Dibb, Stack Funds’ co-founder and chief operating officer added.
The surge in demand for cryptocurrencies from Asia-based high-net-worth users & family offices is amid increased institutional participation in Bitcoin [BTC, +2.24%].
Several public firms, including the likes of MicroStrategy and Square, have recently disclosed their bitcoin investments, piquing interest in crypto assets.
“There is now a critical need for platforms that have a deep understanding of what local and regional investors are trying to find,” Christopher Tyrer, head of Fidelity Digital Assets Europe added within an official statement.
Fidelity Investments launched its digital assets arm earlier in the year 2018 and was associated with a passively managed bitcoin fund for wealthy investors that launched in August this year.