A happy news arrives for crypto-enthusiasts as another top bank plans to actively enter the cryptocurrency markets to explore the digital currencies. Reportedly, Morgan Stanley is gearing up to offer bitcoin swap trading for clients.
Bloomberg News reported, citing sources familiar with the matter, that the bank will provide derivatives that grant investors exposure to the performance of bitcoin. The source further elaborated that Traders will have the choice to go either long or short using so-called price return swaps; Morgan Stanley will charge a spread for each transaction.
According to the report, as and when the current ongoing internal approval process is completed the trading will begin and there is proven client demand. The entry of Morgan Stanley into cryptocurrency assets adds another member to the list of ever-increasing interest of Wall Street titans. Goldman Sachs has been planning to launch a derivate and is working on it for over 12 months.
Despite cryptocurrency facing a bearish year, Wall Street giants are keenly exploring the options that they can offer their crypto enthusiast clients in a fairly regulated manner.