Morgan Stanley’s E-Trade To Consider Crypto Trading Services
Morgan Stanley’s E-Trade is reportedly considering offering cryptocurrency trading services. The company’s online stock trading arm is considering the idea, The Information reported.
The decision to explore cryptocurrency services is tied to expected returns from U.S. President-elect Donald Trump. Notably, the crypto industry anticipates that the Trump administration may bring favorable regulation to the crypto industry. Institutions such as Morgan Stanley could benefit from these changes.
The decision will put Morgan Stanley in competition with the likes of Coinbase and traditional cryptocurrency exchanges and will serve as an important entry point for mainstream investors interested in trading these assets.
Morgan Stanley has shown strong support for cryptocurrencies, disclosing its ownership in a spot Bitcoin ETF worth $272 million at the end of the third quarter. While it represents only 2% of the company’s $1.3 trillion in assets, it’s a big bet. The investment paid off, with BlackRock’s iShares Bitcoin Trust (IBIT) later being hailed as the greatest ETF launch in history.
2024 is a landmark year for the cryptocurrency industry, with the successful launch of the Bitcoin ETF in January. Later, Bitcoin made history by becoming the first digital asset to reach a six-figure price tag.
