Skip to main content

Fidelity Investments’ Digital Asset Custody Services Arm Expands to Asia

Fidelity Investments' Digital Asset Custody Services Arm Expands to Asia

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.

Fidelity Investments Inc., is an American multinational financial services corporation that operates a subsidiary called Fidelity Digital Asset Services (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).

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’s FDAS unit also expanded to Europe as well and set up shop in the UK.

Speaking with Bloomberg, Christopher Tyrer, head of Fidelity Digital Assets Europe spoke about the company’s latest Asian expansion. “There is a critical need for platforms which have a deep understanding of what local and regional investors are looking for,” Tyrer detailed. “[Something that] “has historically been lacking in the digital asset space,” he added.

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.

During the Asian expansion announcement, Collett said that the firm didn’t expect the mid-March market crypto rout, otherwise known as ‘Black Thursday.’

However, since the market downturn, crypto markets have picked up and Stack Funds has noticed more inquiries.

“This year has been tough as far as getting people into Bitcoin because it didn’t cover itself with glory in the market downturn,” Collett stressed. But “since the dark-dark days of March we’ve had inquiries pick up again,” the Stack Funds cofounder added.

What do you think about Fidelity Digital Asset Services expanding into Asia? Let us know what you think in the comments section below.

The post Fidelity Investments’ Digital Asset Custody Services Arm Expands to Asia appeared first on Bitcoin News.



from Bitcoin News https://ift.tt/37SyleY
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m
10 comments
Read more

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli
Post a Comment
Read more