U.S. megafund Fidelity targets Asian family offices wanting Bitcoin
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US-based Fidelity Investments, a trillion-dollar fund manager with a deep interest in the cryptocurrency market, is targeting rich Asian investors by way of a new partnership with a fund in Singapore, financial publication Bloomberg reported Thursday.
Stack, the Singapore fund that provides access to crypto products and similar services, will cater to the high demand for cryptocurrencies from Asian family offices and high-net-worth individuals. It will promote Fidelity’s own custody services to attract clients.
Cryptocurrencies have seen a textbook institutional FOMO in 2020 after nearly three years of a bear market. Firms like MicroStrategy and Square have picked up over $425 million and $50 million respectively in 2020, while hedge fund managers like Paul Tudor Jones have similarly turned to Bitcoin to protect against inflation as well.
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