Morgan Stanley alarmed its wealth management consultants Wednesday the Wall Street giant will start supplying access to one bitcoin-related finance to licensed wealth management customers.
It is the most recent indication of bitcoin adoption on Wall Street along with a large advancement for its cryptocurrency from the wealth management station. Morgan Stanley’s wealth management program boasts 16,000 advisers, managing a $2.3 billion in client funds.
According to a source in the bank, the company could offer customers access to capital run by NYDIG or Galaxy Digital.
On Wednesday, Morgan Stanley released a notice by its wealth management program which summarized the situation for cryptocurrency within a emerging investable asset category. That bit especially indicated that prospective investors must look to openly traded goods instead of obtain immediate exposure through coin possession.
‘For all those qualified* investors prepared to acquire exposure, we propose beginning with openly traded products-preferably ones who are multiasset and possibly accessing the expansion opportunities via a partnership capital/private equity investment at the blockchain ecosystem,” the notice clarified in its completion.
This Morgan Stanley would provide access to a NYDIG finance is perhaps unsurprising, given the Wall Street bank was one of those to engage at NYDIG’s $200 million expansion capital around before this month.
‘Galaxy is delighted to partner with Morgan Stanley, the first US bank to provide wealthy customers access to bitcoin capital,’ Galaxy creator Mike Novogratz stated in an tweet following the news broke.