The crypto branch of Fidelity Investments has formed a partnership with Stack Funds to expand its area of custody services. The step has been taken by the firm to expand the global reach of the crypto industry through its services.
It is revealed that through this partnership, Stack Funds customers will be having access to Fidelity’s custody services. This will also let them meet the increasing demand from the region’s high-profile investors. It is also specified that all the custodied assets will be for the monthly audits and investor protection.
Christopher Tyrer, head of Fidelity Digital Assets Europe, has said that now the firm will be able to properly understand the demand of investors in Asia. They will look into the things that were lacking in the digital asset space.
Ever since the firm was launched back in 2018, it has been looking for expanding its services across the world. Back in December 2019, Fidelity has established its entity in the UK. the major purpose of this entity is to provide services to institutional investors based in Europe.
It has been seen lately that crypto-related demand is increasing rapidly across the world, especially in the Asian continent. This is evident because different crypto industries are expanding their services in this region for the past few months. By the starting of this month, Gemini has also announced that it is expanding its services in the Asia-Pacific region due to a huge increase in demand in that region. Not only this, there are other firms as well that are either relocating their headquarters or opening new branches in the Asia-Pacific region. The step taken by Fidelity is indicating the same. This change has been seen in the wake of the COVID-19 pandemic as this has led more and more people to move towards cryptocurrency.