Source: Gigantic investment banks are racing to be the first into crypto

Source: Gigantic investment banks are racing to be the first into crypto.

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Christian Ploog

christian.ploog@trijo.co

According to a source, Morgan Stanley's plan is also to create a trading desk for institutional crypto trades and ICOs.

Wall Street seems to look more and more into the crypto market. Last week, the CEO of Nasdaq Adena Friedman said that she is open to the idea that Nasdaq will open a crypto exchange in the future.

“Certainly Nasdaq would consider becoming a crypto exchange over time”, she told CNBC.

Now, major US investment banks, like Morgan Stanley and Goldman Sachs, are racing to be the first one to start trading cryptocurrencies, a source told The ICO Journal.

“The digital gold rush”

According to the report, the source is close to the working group at Morgan Stanley that has been planning to add cryptocurrencies to the bank’s trading desk.

The plan is also to create a specific trading desk for institutional traders and ICOs, according to the source.

“Truth be told this is the next arms race. Everyone is rushing into cryptos. Everyone. There isn’t a bank, a fund, a fund company, a former legend attempting to reclaim old glory, private equity, venture capital, lending, exchanges, consulting firms [who do not want to enter the crypto space] – everybody. It is the digital gold rush. And our firm wants to get there and pull as many levers as we can”, says the source to The ICO Journal.

However, Morgan Stanley has not officially commented on the statements.

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