Morgan Stanley opened access to crypto to all clients in the middle of moving Wall Street to digital assets: CNBC
Morgan Stanley expands access to cryptocurrency investments for wealth management clients, CNBC reported Wednesday, in a move indicating a broader transition to traditionally careful Wall Street institutions.
Starting next Wednesday, the bank will allow financial counsels to offer crypto investments to all clients – regardless of at risk or net value – and to all types of accounts, including retirement plans, according to the report. Previously, the choice was limited to clients with at least $ 1.5 million in properties, an aggressive appetite and a taxable brokerage account.
The decision marks a major expansion for Morgan Stanley’s $ 8.2 trillion wealth and suggests a growing crypto acceptance as a long-term asset class for major investors.
The move also emphasizes the pressure companies of pressure facing while crypto vehicles are more widely available. The Blackrock’s Ishhares Bitcoin Trust (IBIT), for example, appeared as the most visible ETF of the asset manager, with only under $ 100 billion in possessions under management less than two years after launch.
Although Vanguard, one of the most crypto-skyptical firms on Wall Street, has been reported considering giving clients accessing Crypto ETF spots, a reversal that may be hard to imagine a year ago.
Morgan Stanley did not respond to a request for comment in contact with CoinDesk.
