Morgan Stanley Files Bank Charter to Provide Crypto Custody and Holding Services – Report
In a significant move, Morgan Stanley has applied for a new national banking charter that will enable it to offer crypto custody and staking services. The report comes days after newly appointed head of digital asset strategy, Amy Oldenburg, confirmed the digital asset push plan for the major financial services company.
Morgan Stanley Continues to Bet on Digital Asset Industry with New OCC Filing
According to a Bloomberg report on Friday, February 27, Morgan Stanley applied for a de novo national trust bank charter to allow it to store digital assets. The Wall Street behemoth said in its release that the document will also be used to conduct crypto trading and deposits for its investment clients.
Bloomberg reported that the request, by Morgan Stanley Digital Trust, was filed on February 18, according to the website of the Office of the Comptroller of the Currency. The company will provide its digital asset management services throughout the United States, with its headquarters in Purchase, New York, the filing showed.
The move strengthens Morgan Stanley’s strategy for crypto and the broader digital assets sector. In early January, the financial services giant filed for Bitcoin, Ether, and Solana exchange-traded funds (ETFs) in the United States, and also created a new head of digital asset strategy role in Oldenburg.
As reported by Bitcoinist, Oldenburg revealed that Morgan Stanley’s immediate goal is to allow E*Trade clients to buy and sell local crypto, initially through a partnership before moving to a native stock and exchange solution.
Oldenburg said about crypto storage:
It’s a completely different place to know that you’re storing your property,” Oldenburg continued.” You have a legal right to stay with Morgan Stanley, and Morgan Stanley oversees those assets. There are always those who will want to hold back. That’s part of the nature of this space, especially in the Bitcoin space.
Morgan Stanley’s latest moves highlight a growing trend since the start of President Donald Trump’s latest administration, particularly among Wall Street firms, as they soften their crypto stance and enter the digital assets industry. The president of the United States has been a vocal supporter of the crypto industry, while seeking regulatory clarity in the space.
Crypto Market Capitalization Takes a Tumble
As of this writing, the global cryptocurrency market capitalization stands at $2.34 trillion, representing a decline of more than 2% in the past 24 hours.
The crypto total market cap on the daily timeframe | Source: TOTAL chart on TradingView
Featured image from Investment News, chart from TradingView
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