Leading US global investment bank Morgan Stanley establishes a new one cryptocurrency team, while more and more financial institutions are plunging into the cryptocurrency industry in the United States.
Morgan Stanley is serious about the crypto
According to the agency Bloomberg bank giant from Wall Street chose Sheena Shah as the head analyst of the bank’s cryptocurrency research team, as stated in a note published in the publication. Shah’s work with Morgan Stanley is not new, as she has contributed to the bank’s cryptocurrency research in the past.
A new cryptocurrency research team based in London will examine the impact of cryptocurrencies on stocks and fixed income globally. The Chief Analyst will report globally James Faucette who leads the team for research on fintech and payments at Morgan Stanley in the USA, and locally Adam Wood who leads the same team in Europe.
Julie Estridge, David Adelman and Vishy Tirupattur, the bank’s directors, commented on the creation of a new cryptocurrency team:
“The launch of specialized cryptocurrency research team is a recognition of the growing importance of cryptocurrencies and other digital assets in global markets.”
The investment bank has long continued its efforts to penetrate the world of cryptocurrencies
In March, Morgan Stanley became first a major American bank that has offered its clients access to BTC funds. According to a Wall Street giant, only his wealthy clients would have access to the three BTC funds, due to the volatile nature of cryptocurrencies.
Later in June filed with the American Securities and Exchange Commission (SEC) showed that the financial institution bought more than 28,000 shares of Grayscale Bitcoin Trust. Later in August, Morgan Stanley increased its exposure to BTC, with four of its funds investing indirectly in BTC.
Morgan Stanley Insight Fund, Morgan Stanley Variable Insurance Fund Inc., Morgan Stanley Institutional Fund Inc. a Morgan Stanley Institutional Fund Trust. In the meantime, the fund has made the most significant cryptoinvestment Morgan Stanley Insight who gathered 928,051 shares in Grayscale Bitoin Trust.
In addition to Morgan Stanley, other large US banks plunged into BTC and cryptocurrencies. In June, an investment bank Goldman Sachs revealed that seeks to expand the scope of its crypto services by Ether futures and trading.
A month earlier, the financial institution offered its clients BTC derivatives. JP Morgan too allowed to their wealthy clients access to five crypto funds.