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Home Worldwide Crypto News

Bitcoin for rich investors – Fidelity expands to Asia

by OnlyBitcoinNews
2020-11-10
in Worldwide Crypto News
2 min read
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Bitcoin for rich investors – Fidelity expands to Asia
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Reading time for the article: 2 minutes

Compact:

Fidelity Digital Asset Services plans to expand into Asia, primarily with very wealthy clients in mind, and the focal point is the partnership with Stack Funds in Singapore.

Fidelity is planning to expand into the Asian market and primarily wants to attract wealthy clients. This also includes so-called family offices, which are responsible for the private asset management of the owner families.

The partnership with Stack Fund, based in Singapore, will be an important component of the expansion plans. This will enable Fidelity to meet the regulatory requirements and to be able to invest and manage the cryptocurrencies of its Asian customers in all forms insured and audited.

Fidelity Digital Asset Services is a subsidiary of Fidelity Investments Inc., which manages around 3.3 trillion US dollars in assets. Since 2018 there has also been an interest in Bitcoin and other cryptocurrencies.

Bitcoin is becoming an integral part of wealth management

While in recent years a negative tone has been struck when it comes to Bitcoin, many market participants are showing a high willingness to participate in 2020. Apparently the high volatility is no longer an obstacle.

In the summer, MicroStrategy decided to make a particularly high investment and recently CEO Michael Saylor let it be known that he too personally holds Bitcoin. According to himself, he acquired 17,732 BTC for an average price of $ 9,882. So an investment of more than 175 million US dollars, which has now also increased in value.

Saylor probably has the collar size that would be interesting for Fidelity. But small investors will also be able to participate more easily in the digital revolution in the future. US customers can buy and sell Bitcoin via PayPal. So it remains to be seen whether more and more wealthy large customers will jump on the bandwagon. For Fidelity, however, this step also seems to be very much related to meeting the different needs of local customers. Accordingly, it is important to offer a local platform in Asia, as a company spokesman told Bloomberg.

Tags: AsiaBitcoinexpandsFidelityInvestorsRich
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