A source has revealed that the Investment banking giant, Morgan Stanley is working on a cryptocurrency trading desk. Wall Street is certainly getting serious about the crypto sector as a few days earlier Nasdaq CEO talked about the industry’s potential and Goldman Sachs hired its first executive for its digital asset unit.
Crypto Industry is surely capturing the attention of Wall Street as just a few days back Goldman Sachs ventured into the crypto space and Nasdaq CEO talked about the possibility of becoming a crypto exchange in the near future. Well, the newest Wall Street addition is none other than the investment giant, Morgan Stanley.
The rivalry between Goldman Sachs and Morgan Stanley is widely known and it is no surprise that after Goldman’s baby steps into the Crypto industry Morgan Stanley would be planning to take a bigger leap to outdo its competitor.
According to a media source, the investment banking giant is planning to add cryptocurrencies to their trading desk. Furthermore, the company is also working on creating specific trading desks for ICOs, institutional crypto trades, and arbitrage. Given the rapid pace at which the firm is working on this, it won’t be long when the company will announce the launch of its crypto trading desk.
The source has stated that:
“Truth be told this is the next arms race. EVERYONE IS RUSHING INTO CRYPTOS. Everyone. There isn’t a bank, a fund, a fund company, a former legend attempting to reclaim old glory, private equity, venture capital, lending, exchanges, consulting firms – everybody. It is the digital gold rush. And our firm wants to get there and pull as many levers as we can.”
Also, read: Relief In Crypto Taxation: France Brings Crypto Taxes Down To 19%
The firm is actually engaging with those crypto hedge fund focused and purely crypto funds firms that are already established in the market instead of those that are starting from the scratch.
Morgan Stanley is a major player in the financial sector that boasts of big numbers and names. As the institutional investors are stepping into the crypto market, the Wall Street is surely recognizing the potential of digital assets.
A number of C-suite executives have already made their foray into the crypto industry, now the companies are also taking the crypto route.
What’s interesting is the rivalry between Goldman Sachs and Morgan Stanley that will get re-ignited. If Morgan Stanley does take up the step to open trading desks for crypto trading and ICOs, it might won’t be long when Goldman will come with its guns blazing in. This, in turn, might mean that we will experience a rush of big industry names in cryptocurrency industry.
How do you think Morgan Stanley’s entry into the cryptocurrency market will affect this industry?
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