The cryptocurrency-focused arm of financial services giant Fidelity Investments is teaming with Singapore-based Stack Funds to cater to the growing demand for cryptocurrencies in Asia.
A new partnership will bring Stack's regional clients access to the secure custody services provided by Fidelity Digital Assets, according to a Bloomberg report Thursday.
All assets secured through Stack will be subject to monthly audits and will be insured, the firm said.
"We are pleased to utilize the custody services of Fidelity as we see a large uptick in demand for digital assets from traditional investors across Asia," Matthew Dibb, Stack Funds' co-founder and chief operating officer, told CoinDesk in a direct message.
The surge in demand for cryptocurrencies from Asia-based high-net-worth individuals and family offices is accompanied by increased institutional participation in bitcoin.
"There is now a critical need for platforms that have a deep understanding of what local and regional investors are looking for," Christopher Tyrer, head of Fidelity Digital Assets Europe said in a statement.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.