According to a Bloomberg report on Friday, February 27th, Morgan Stanley filed for a de novo national trust bank charter to allow it custody digital assets. The Wall Street behemoth said in its application that the charter will also be used to conduct crypto trading and staking for its investment clients.
As reported by Bitcoinist, Oldenburg revealed that Morgan Stanley’s near-term goal is to enable E*Trade clients to buy and sell spot crypto, initially via a partnership before possibly moving to a native custody and exchange solution.
Oldenburg said about crypto custody:
It’s a totally different environment to know that you are custodying your assets,” Oldenburg continued. “You have legal custody with Morgan Stanley, and Morgan Stanley is overseeing those assets for you. There’s always those that are going to want to self-custody. That’s a natural part of this space, especially in the Bitcoin space.
Crypto Market Capitalization Takes A TumbleAs of this writing, the global cryptocurrency market capitalization stands at $2.34 trillion, reflecting an over 2% decline in the past 24 hours.
