Fidelity’s Cryptocurrency Division Strengthens Asia for Wealthy Clients
Prominent U.S. financial services provider targets wealthy Asian clients
Earlier, Fidelity said bitcoin is an effective tool for portfolio diversification
Stack Funds, a Singapore-based company, will be responsible for storing cryptocurrencies of Asian clients
International consortium of news organizations developing transparency standards.
Crypto department of financial holding Fidelity Investments expands its services in the Asian market in search of wealthy clients
Fidelity Digital Assets, the cryptocurrency arm of renowned financial services provider Fidelity Investments, is expanding its presence in the Asian market, Bloomberg writes. The decision to expand its presence in the Asian region is reportedly due to the growing demand for cryptocurrencies among local wealthy investors and family offices. It remains unknown which cryptocurrencies will be available to Asian clients of Fidelity Digital Assets.
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Increasing customer confidence
As part of the expansion of services, Fidelity entered into a partnership with a Singapore-based company Stack Funds, focused on services for the storage of cryptocurrencies. Chris Tyrer, head of Fidelity Digital Assets Europe, stated that the partnership with Stack is due to the desire to reduce cryptocurrency risks in the Asian market:
“There is an urgent need for platforms that have a deep understanding of what local and regional investors are looking for [what] has historically been lacking in the digital asset space,” Tyrer said..
Stack says all assets in custody are audited monthly and also insured.
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These are not the first steps by Fidelity to attract wealthy clients to the cryptocurrency market. In August, the holding announced the launch of a passively managed bitcoin fund for wealthy investors.
In addition, the company believes that Bitcoin will be better able to weather economic downturns than stock markets in the next couple of years. Analysts at Fidelity Digital Assets found that adding just three percent in bitcoin to an investment portfolio from January 2015 to September 2020 would increase annual returns by more than 4%. Despite the growth in the volatility of such portfolios, the profitability from the inclusion of bitcoin increased significantly, covering all possible risks, the company stressed..
At the time of this writing, the price of bitcoin BTC / USDT is $ 13,104.
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