US investment bank Morgan Stanley aims to increase its services for the digital asset market. The company announced that it plans to offer its own cryptocurrency custody and trading platform in the future. In the first phase, customers will be provided with the opportunity to buy and sell spot cryptocurrencies through the E*Trade platform managed by Morgan Stanley.
New Custody and Clearing Platform Plan
Amy Oldenburg, head of Morgan Stanley’s digital asset strategy, stated that they aim to create a fully integrated custody and clearing platform starting next year. With such a solution, digital assets could be stored directly under the custody of Morgan Stanley. The bank is also aware that some of its customers may want to maintain their self-custody preferences, especially on Bitcoin.
Crypto Trading on E*Trade
Morgan Stanley’s E*Trade platform will soon be available to customers for spot cryptocurrency transactions. This step will offer direct trading in addition to the spot Bitcoin exchange-traded fund (ETF) processes launched by the bank in the last year. It was announced that the platform was developed to meet customers’ expectations and ensure corporate trust in digital assets.
The bank’s progress plans in this field include return and loan products based on crypto assets, as well as custody and trading. Oldenburg states that these services are a natural part of the organization’s growth road map.
The executive at Morgan Stanley emphasized that they needed to go beyond renting technology and directly develop their own solutions; He stated that users trust the Morgan Stanley brand and that there should be no margin for error.
The experiences gained in different continents were effective in shaping the bank’s digital asset strategy. Amy Oldenburg stated that with her over twenty-six years of experience at Morgan Stanley, they have observed the rapid spread of Bitcoin and alternative cryptocurrency technologies, especially in emerging markets. During the process managed by Oldenburg, it was determined that digital assets had entered the global institutionalization phase.
Oldenburg shared that $8 trillion in assets are currently managed on the platform, but a significant portion of customers have not yet transferred their cryptocurrencies to the bank’s system. It was stated that as the existing infrastructure develops, attracting these assets to the platform will offer additional storage and transaction opportunities to investors.
The company did not announce an exact date regarding the launch schedule of its return and loan products. It was reported that these products are planned to be offered to customers after the custody and exchange platform is implemented.
