Morgan Stanley keeps sending mixed signals about its crypto intentions. We know for a fact that they have taken meetings with crypto firms and have a working group inside of the firm in Manhattan. And clients continue to clamor for crypto capabilities. But nothing of substance has materialized until now.
An important and strategic hire that has eyebrows raised across Wall Street.
As first reported by eFinancialCareers, Morgan Stanley hired Andrew Peel last month to serve as its new “head of digital asset markets.” He will work out of the firm’s Zurich and London offices.
Prior to joining Morgan Stanley, Peel served as vice president of sales and trading innovation at Credit Suisse, where he served as the resident “trading subject matter expert for Bitcoin and cryptocurrencies, client coverage and internal presentations,” according to his LinkedIn profile.
It’s not quickly clear what Peel’s new part as head of advanced resource markets involves, however his procuring could be an indication that the firm is stealthily examining whether and how it ought to grow its introduction to the blossoming digital currency space, which keeps on observing expanding enthusiasm from institutional purchasers.
In discussions with sources at the firm, there are particular reasons why Peel is set to be positioned abroad. Control in the United States still can’t seem to metastasize and hazard is de-levered in both Zurich and London. Ought to the crypto markets fall further and represent any case chance, closeness assumes a part.
In any case, this is another progression in the ‘institutional’ course for Bitcoin and cryptos when all is said in done. Goldman Sachs is a few stages in front of their adversary and Morgan Stanley has a huge measure of getting up to speed to do.
But if you are counting at home: Goldman Sachs, Morgan Stanley, Northern Trust, ICE, NYSE, Starbucks, Microsoft, Stephen Cohen, Bill Miller, etc, etc, etc. Are you paying attention yet?