Morgan Stanley Insider: Crypto Initiative Plans Being Formed, Following Fidelity Digital Assets’ Lead
Morgan Stanley, a multinational investment bank based in the US, already manages over $480 million in assets, but recent reports from Abacus Journal suggests that it is looking for more. Sources close to the bank have reported plenty of talk about an upcoming crypto initiative, but it looks like clients have had enough. They want action.
The sources that spoke with Abacus Journal say that they have heard talk from the company’s client base, curious about when this type of product will ultimately be launched. Many institutional investors that have grown impatient have moved on to the products available from Goldman Sachs, BitGo, and other rivals.
While Goldman Sachs has already decided that the regulatory landscape will determine their full entry into the market, Morgan Stanley has not made any similar promises. Still, there could be some hope, considering that they seem to admire the way that Fidelity is approaching the market, and they’ve implied that they will do the same.
Even though the sources admit that they are behind the market at the moment, they insist that it won’t be the same after they’ve decided on their strategy.
Another source said that the rumor right now is that the leadership of the Fidelity model is the most appealing, but they urged that Morgan Stanley needs to figure out their decision as soon as possible. The source said that Morgan Stanley gets questions every day about what they are going to do.
Much of the focus on the crypto market appears to be about Bitcoin’s status as digital gold and the launch of Bakkt, according to the second source. The same source added that much of the questions they receive end up involving a conversation about that platform, and clients do not understand what is holding Morgan Stanley back at this point.