- Morgan Stanley is making the move in response to demands from its clients.
- The January approval of bitcoin ETFs raised hopes that they would attract the deep pockets of financial institutions to cryptocurrency.
- Large firms often have lengthy compliance and review processes to undertake before they approve funds to be offered to their clients.
As a seasoned analyst with over two decades of experience on Wall Street, I’ve witnessed the evolution of financial markets from analog to digital. The recent move by Morgan Stanley to offer bitcoin ETFs to its wealthy clients is a testament to the maturing nature of cryptocurrencies and their increasing acceptance within traditional finance.
Starting Wednesday, financial advisors working for Wall Street titan Morgan Stanley (MS) can begin offering Bitcoin Exchange-Traded Funds (ETFs) to their affluent clients, as per reports from CNBC.
The approval of spot bitcoin ETFs in January by U.S. authorities sparked optimism that these investment tools would entice large financial institutions to invest in cryptocurrency. Yet, institutions such as Morgan Stanley usually require extensive compliance and review procedures before endorsing funds for their clients, which can slow down the process.
The bank, with a managed asset value of $1.5 trillion, took action based on client requests, as detailed in the report.
The bank did not immediately respond to CoinDesk’s request for comment.
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2024-08-02 18:24