Morgan Stanley Files For Bank Charter To Offer Crypto Custody And Staking Services — Report
In a big transfer, Morgan Stanley has submitted an utility for a brand new nationwide financial institution constitution that may allow it to supply crypto custody and staking companies. This report comes days after the not too long ago appointed head of digital asset technique, Amy Oldenburg, confirmed the financial services giant’s digital asset push.
Morgan Stanley Continues To Bet On Digital Asset Industry With Fresh OCC Filing
According to a Bloomberg report on Friday, February twenty seventh, Morgan Stanley filed for a de novo nationwide belief financial institution constitution to permit it custody digital belongings. The Wall Street behemoth stated in its utility that the constitution can even be used to conduct crypto buying and selling and staking for its funding shoppers.
Bloomberg reported that the applying, by Morgan Stanley Digital Trust, was filed on February 18th, in line with the web site of the Office of the Comptroller of the Currency. The agency will supply its digital asset administration companies all through the United States, with its major workplace in Purchase, New York, the submitting confirmed.
This transfer reinforces Morgan Stanley’s strategic push for crypto and the broader digital asset trade. Earlier in January, the monetary companies large filed for Bitcoin, Ether, and Solana exchange-traded funds (ETFs) within the United States, whereas additionally forging a brand new head of digital-asset technique function for Oldenburg.
As reported by Bitcoinist, Oldenburg revealed that Morgan Stanley’s near-term objective is to allow E*Trade shoppers to purchase and promote spot crypto, initially through a partnership earlier than presumably shifting to a local custody and alternate answer.
Oldenburg stated about crypto custody:
It’s a completely completely different setting to know that you’re custodying your belongings,” Oldenburg continued. “You have authorized custody with Morgan Stanley, and Morgan Stanley is overseeing these belongings for you. There’s all the time these which can be going to need to self-custody. That’s a pure a part of this area, particularly within the Bitcoin area.
Morgan Stanley’s current strikes spotlight a rising development for the reason that begin of President Donald Trump’s newest administration, particularly amongst Wall Street companies, as they soften their crypto stance and enterprise into the digital asset trade. The United States president has been a vocal supporter of the crypto trade, whereas pushing for regulatory clarity in the space.
Crypto Market Capitalization Takes A Tumble
As of this writing, the worldwide cryptocurrency market capitalization stands at $2.34 trillion, reflecting an over 2% decline up to now 24 hours.