Fidelity Investment’s crypto assets division, Fidelity Digital Assets, is partnering with Singapore-based Stack Funds to bring crypto custody services to high-net-worth investors in Asia amid growing interest in Bitcoin (BTC) and other cryptocurrencies in the region.
The partnership will offer Fidelity clients further exposure to what some still view as a nascent economic sector.
Stack co-founder Michael Collett tells Bloomberg that the firm’s connection to Fidelity will appeal to Asian investors who wish to access Fidelity Digital Assets’ secure custody services.
The Stack partnership is not Fidelity’s first move toward making crypto investing accessible to its clientele.
The firm created its Digital Assets branch in 2018 and just this August Fidelity filed with the SEC to offer a Bitcoin index fund (Wise Origin Bitcoin Index Fund, I, LP).
Stack also launched an institutional-grade bitcoin index fund in January.
Fidelity and Stacks’ announcement hits the market as the Bitcoin price continues to see major price action in the wake of increased institutional interest from the likes of MicroStrategy and PayPal’s recent crypto adoption.
The Stack co-founder highlights clients’ renewed interest in Bitcoin months after the flagship cryptocurrency’s price dipped below $4,000 in March.
“This year has been tough as far as getting people into Bitcoin because it didn’t cover itself with glory in the market downturn… Since the dark-dark days of March we’ve had inquiries pick up again.”
At time of writing, BTC is worth $13,474, according to CoinMarketCap.
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