The Fidelity Investments unit focused on digital assets announced a partnership with the Singapore-based Stack Funds. The agreement entails providing custodial services to Stack Funds’ clients among family offices and high-net-worth individuals, Bloomberg reports.
The Singapore-based firm commits to insuring client assets and conducting a monthly audit.
According to Stack Funds co-founder Michael Colletta, partnering with Fidelity will boost local investors’ trust in cryptocurrencies.
“We see a big surge in interest in digital assets from traditional investors across Asia,” said Stack Funds co-founder and chief operating officer Matthew Dibb in an interview with CoinDesk.
Earlier in August, Fidelity Investments president Peter Jabber filed documents with the U.S. Securities and Exchange Commission (SEC) to register a new bitcoin fund.
In June, Fidelity said that a third of the 774 respondents among large US and European clients already added digital assets to their portfolios.
Fidelity regards bitcoin as an “inspiring store of value” and a “hedge” against problems in the traditional financial system.
Subscribe to ForkLog’s channel on YouTube!