The good news for crypto-enthusiasts is that another bank has announced plans to enter the cryptocurrency market to explore digital currencies. According to reports, Morgan Stanley will offer clients bitcoin swap trading.
Bloomberg News reported citing sources familiar with this matter, that the bank would offer derivatives that give investors exposure to bitcoin’s performance. Morgan Stanley will charge a spread per transaction, and traders will be able to choose whether they want to trade long or short using so called price return swaps.
The report states that trading will start as soon as the internal approval process has been completed and client demand is established. Morgan Stanley’s entry into cryptocurrency assets is another sign of Wall Street titans’ increasing interest. Goldman Sachs is currently working on a derivative and has been planning for it for more than 12 months.
Wall Street giants are exploring all options for crypto enthusiasts, despite cryptocurrency’s bearish year.