Bitcoin asset manager expands into Asia

5. November 2020 By admin Off

Two years after the founding of Fidelity Digital Assets and one year after its expansion into Europe, the next adventure follows: In Singapore, the asset manager wants to cooperate with a Bitcoin start-up.

Fidelity Investments Inc. is one of the largest asset managers in the world. The subsidiary Fidelity Digital Assets will now expand further into the Asian Bitcoin market. The company made this announcement to the news portal Bloomberg. Initially, however, only large investors and family offices will benefit from this step.

Together with the start-up Stack Funds from Singapore, the financial services provider specialising in crypto currencies wants to gain a foothold in Asia. Recently, the Asian demand for Bitcoin Investor and Co. has risen sharply, and the company now wants to make sure that the supply is adequate. Stack Funds says it knows the regional market better, so it can identify problems and wishes of the local market more easily. In return, Fidelity’s resources offer the opportunity to improve the situation.

Growth of the Bitcoin market in Asia

It was only at the beginning of October that the Bitcoin exchange Gemini also announced its intention to open a job on the East Asian market. The analysis company Chainalysis has also announced that it intends to set up offices in Tokyo and Singapore. What stands out about Fidelity’s action is that this is the first time the company has made its technology available to someone else.

Fidelity Investments manages a total of around USD 3.3 trillion. The crypto asset management subsidiary was established at the end of 2018, followed by the move to Europe in December 2019. This was followed in mid-October 2020 by the “Bitcoin Investment Thesis”, which attributes great growth potential to the digital currency.