The development highlights how cryptocurrencies such as Bitcoin, while they can remain controversial, continue to develop at a time when conventional forms of money are said to be threatened by massive central bank printing of fiat currencies.

Fidelity Digital Asset Services - part of Fidelity Investments - has announced that it is pushing into Asia, intending to work with high net worth Asian clients and family offices.

The organisation is providing digital asset custody services to Singapore-based start-up Stack Funds, a custody operation serving financial institutions, Fidelity confirmed to this news service.  

Fidelity Digital Assets does not presently have operations in Asia.

In August, filings with the US Securities and Exchange Commission (SEC) showed that Fidelity filed with the SEC to develop a bitcoin index fund. Fidelity’s FDAS unit also expanded into Europe as well and being set up in the UK.

“There is a critical need for platforms which have a deep understanding of what local and regional investors are looking for,” Christopher Tyrer, head of Fidelity Digital Asseets Europe, was quoted as saying. 

Stack Funds cofounder, Michael Collett, said the Asia expansion will bring benefits to family offices and HNW investors. 

The development highlights how cryptocurrencies such as Bitcoin, while they can remain controversial, continue to develop at a time when conventional forms of money are said to be threatened by massive central bank printing of fiat currencies.