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Fidelity Digital Asset Services has revealed the company is expanding into Asia and plans to help high-net-worth investors and family offices in the region with custodial crypto products. Fidelity is working with the Singaporean startup Stack Funds, a fully-insured custody operation servicing traditional financial institutions.<\/strong><\/p>\n Fidelity Investments Inc., is an American multinational financial services corporation that operates a subsidiary called Fidelity Digital Asset Services<\/a> (FDAS). As of June 2020, the Boston-based Fidelity is one of the largest asset managers worldwide with $3.3 trillion in assets under management (AUM).<\/p>\n Back in August, filings with the U.S. Securities and Exchange Commission (SEC) had shown Fidelity filed with the SEC to invoke a bitcoin index fund. Fidelity\u2019s FDAS unit also expanded to Europe as well and set up shop in the UK.<\/p>\n Speaking with Bloomberg, Christopher Tyrer, head of Fidelity Digital Assets Europe spoke about the company\u2019s latest Asian expansion. \u201cThere is a critical need for platforms which have a deep understanding of what local and regional investors are looking for,\u201d Tyrer detailed<\/a>. \u201c[Something that] \u201chas historically been lacking in the digital asset space,\u201d he added.<\/p>\n Stack Funds cofounder, Michael Collett, detailed that the FDAS expansion into Asia will offer a number of benefits to family offices and high-net-worth investors. Collett revealed services will offer digital currency insurance and monthly audits as well.<\/p>\n During the Asian expansion announcement, Collett said that the firm didn\u2019t expect the mid-March market crypto rout, otherwise known as \u2018Black Thursday.\u2019<\/p>\n However, since the market downturn, crypto markets have picked up and Stack Funds has noticed more inquiries.<\/p>\n \u201cThis year has been tough as far as getting people into Bitcoin because it didn\u2019t cover itself with glory in the market downturn,\u201d Collett stressed. But \u201csince the dark-dark days of March we\u2019ve had inquiries pick up again,\u201d the Stack Funds cofounder added.<\/p>\n What do you think about Fidelity Digital Asset Services expanding into Asia? Let us know what you think in the comments section below.<\/strong><\/em><\/p>\n The post Fidelity Investments\u2019 Digital Asset Custody Services Arm Expands to Asia<\/a> appeared first on Bitcoin News<\/a>.<\/p>\n