Renowned banking powerhouse Morgan Stanley, often known by its ticker symbol MS, is reportedly planning to serve its customer base by introducing cryptocurrency-based trading. This groundbreaking change is set to occur via its E*Trade platform, as per certain revelations made on Thursday.
Moving Towards Crypto Trading
In talks with trusted sources, Bloomberg confirmed the bank’s intention to incorporate spot cryptocurrency trading. While discussions are in progress, the bank’s top-tier officials foresee the introduction of the service by 2026. The entry of such a significant player into the cryptocurrency market indicates the growing interest and acceptance of digital currencies in the global finance industry.
Collaborations In Consideration
To ensure a smooth transition into the new trading vertical, the bank plans to partner with one or more established cryptocurrency firms. By aligning with entities already immersed in this sector, the bank aims to determine the most effective methods of integrating this new trading feature into its current platform.
Effect On Bitcoin and Trading Platforms
Bitcoin, the most well-known and extensively traded cryptocurrency, experienced a substantial surge in price following the news. The digital asset achieved its highest value since February of this year, trading just below $97,000. Interestingly, the impact was not only observed in the cryptocurrency market but also in traditional trading platforms. Shares of Robinhood, another popular trading platform, recorded a drop of 4%, possibly reflecting potential increased competition. Meanwhile, the share value of Coinbase experienced a slight increase.
Change in Regulatory Enforcement Amid Presidential Elections
The news of Morgan Stanley’s move toward cryptocurrency trading comes amidst regulatory shifts taking place under the Trump administration. Enforcement regulations in the domain of cryptocurrency have observed a lenient turn with the election of President Trump. Figures prominent within the crypto industry expressed their enthusiasm post his election victory. Furthermore, President Trump has openly declared his intentions of transforming the U.S into what he refers to as the ‘crypto capital of the world’.
Awaiting Morgan Stanley’s Official Response
Post the news, Morgan Stanley has not yet shared any comments or issued an official statement regarding the matter. It remains to be seen how the bank plans to navigate and shape its journey in the complex world of cryptocurrency trading. By taking such a bold step, the company is likely to pave the way for similar institutions to begin embracing digital trading.
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