Crypto Market Hopps as Morgan Stanley Bets on Cryptos
Morgan Stanley intends to incorporate cryptocurrency trading on E*Trade's platform, according to a recent report.
Gear up, crypto enthusiasts! It's looking like Wall Street might join the party. According to a report by Bloomberg, Morgan Stanley executives are thinking about adding spot cryptocurrency trading to its E*Trade platform, with a projected launch in 2026 [@1][@2][@3].
Bitcoin, the granddaddy of digital currencies, celebrated the news by reaching its highest price since late February, breaching the $97,000 mark [@1]. Other players in the crypto space like Robinhood and Coinbase, though, seemed to panic a bit, with Robinhood's shares dropping by 4%, and Coinbase's barely keeping its head above water, inching up slightly [@1].
The bank is mulling over partnering with one or more established cryptocurrency firms to help power this new service [@1]. However, Craig S. Phillips, general counsel at Square Inc. and a former Morgan Stanley lawyer, speculates that it could be firms specializing in cryptocurrency infrastructure and trading solutions [@4]. No names have been dropped yet, but Morgan Stanley is apparently in talks with various crypto companies [@2].
This move by Morgan Stanley is not surprising, considering the shifting stance on crypto enforcement from regulators under the Trump administration [@1]. In fact, the crypto industry was thrilled when Trump won the election, and the President himself expressed his desire for the U.S. to become the "crypto capital of the planet" [@1].
Stay tuned for more updates as this story unfolds! If you're itching to get started with cryptocurrency trading, Pepperstone offers CFDs. Check us out today! [@5]
[@1] "Morgan Stanley Weighs Crypto Trading for Retail Clients," Bloomberg, www.bloomberg.com[@2] "Morgan Stanley to Offer Crypto Trading on E*Trade," FinanceFeeds, www.financefeeds.com[@3] "Morgan Stanley to Launch Crypto Trading for Retail Investors," The Street, www.thestreet.com[@4] "Morgan Stanley Mulls Partnership with Crypto Firms for Trading Offerings," CoinDesk, www.coindesk.com[@5] "Trade CFDs with Pepperstone," www.pepperstone.com
- Morgan Stanley is considering partnering with established cryptocurrency firms to power its forthcoming spot cryptocurrency trading service, potentially tapping firms specializing in infrastructure and trading solutions.
- If retail clients at Morgan Stanley venture into cryptocurrency trading, they might find opportunities to trade CFDs with Pepperstone.
- Bloomberg reported that Morgan Stanley executives are planning to add cryptocurrency trading to its E*Trade platform, with a projected launch scheduled for 2026.
- As rumors circulate about Morgan Stanley's potential partnerships with crypto companies, CoinDesk recently mentioned discussions around such collaborations in their coverage.
- In the midst of Morgan Stanley entering the cryptocurrency trading scene, other digital currency players, such as Robinhood and Coinbase, experienced fluctuations in their shares due to the news.
