Morgan Stanley has articulated a strategic ambition to enhance its digital asset offerings, which includes the development of a proprietary custody and exchange solution for cryptocurrency, as discussed during a session at Strategy World.
Phong Le, President and CEO of Strategy, engaged in a dialogue with Amy Oldenburg, Head of Digital Asset Strategy at Morgan Stanley, concerning the firm’s upcoming product innovations.
Initially, Morgan Stanley will enable clients on its E-Trade platform to buy and sell spot cryptocurrencies through a strategic partnership. The firm previously indicated its intent to pursue a spot Bitcoin ETF and facilitate direct trading for clients via E*Trade within the past year.
Over the forthcoming year, Morgan Stanley aims to establish a fully integrated custody and exchange platform.
Oldenburg emphasized that their extensive experience in emerging markets informs the firm’s strategy in the digital assets space.
With over 26 years of service at Morgan Stanley, including 13 years managing the firm’s emerging market investment operations, Oldenburg has noted early adoption of Bitcoin and other cryptocurrencies across 17 of the top 20 global markets.
“As this sector continues to institutionalize, our goal is to provide comprehensive services to our clients,” she stated.
The firm is also investigating additional services, including yield and lending products that leverage crypto holdings.
“Exploration of these services is a natural progression within our roadmap,” Oldenburg commented. She noted that they are in the preliminary stages but are monitoring trends in decentralized finance lending along with other crypto product developments.
Furthermore, Oldenburg highlighted that Morgan Stanley manages $8 trillion in assets on its platform, a significant portion of which is currently held off-platform by clients as cryptocurrency.
Consolidating those assets onto the platform would enable the firm to offer custody, trading, and potential yield or lending services.
While no specific timeline has been established for the introduction of yield or lending products, the firm has indicated that these offerings will follow the rollout of the custody and exchange platform.
At the time of publication, Bitcoin has experienced an 8% increase and is trading near $69,000, along with favorable trends in associated equities and cryptocurrencies.
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