Morgan Stanley plans to provide cryptocurrency trading services to E*TRADE customers

PANews May 1 news, according to Bloomberg, Morgan Stanley is planning to add cryptocurrency trading capabilities to its E*Trade platform. According to people familiar with the matter, the project is still in its infancy and the company's senior management expects the service to be launched next year. To advance this plan, Morgan Stanley is considering working with one or more well-known cryptocurrency companies to build a platform for its brokerage clients to trade popular tokens such as Bitcoin and Ethereum.

People familiar with the matter said that since the end of last year, discussions within Morgan Stanley have become increasingly frequent on how to expand its cryptocurrency business. At present, the bank's high-net-worth customers are able to trade cryptocurrency ETFs, ETF options and futures. After internal discussion, senior management believes that launching cryptocurrency spot trading on the E*Trade platform is an ideal strategic extension. The move may intensify competition with existing platforms such as Robinhood Markets Inc. and Coinbase Inc., and the specific impact will depend on how Morgan Stanley builds its partnership.