On Wednesday Morgan Stanley warned his wealth management advisers that the Wall Street giant would subsequently enable access to at least one bitcoin-related fund for accredited asset management clients.
Although this also signifies the latest signs of Bitcoin acceptance on Wall Street and a major development for cryptocurrency in the wealth management channel.
Morgan Stanley’s wealth management unit has 16,000 advisers and manages approximately $4 trillion in client assets. According to some insider sources, the bank may soon offer its clients funds operated by NYDIG or Galaxy Digital.
On Wednesday, Morgan Stanley released a note through its asset management unit that turned the cryptocurrency case into a growing investment asset class. The department specifically suggested that instead of obtaining direct disclosure through currency ownership, investors should rather aim for products that are generally traded.
The note concluded:
“For qualified” investors who are ready to receive exposure, we suggest starting with products that are generally traded – those with multiset and potential growth opportunities through venture capital / private equity investment in the blockchain ecosystem,”
With Wall Street Bank among the participants in NYDIG’s 200 million growth capital round earlier this month, it should come as no surprise that Morgan Stanley has access to the NYDIG Fund.
When NYDIG CEO Robbie Gutmann appeared on the podcast earlier this week and said that, Next week, the market would see game-changing milestones in the financial scenario that accept bitcoin.”
While Being the first bank in the U.S to provide access to bitcoin funds for wealthy clients. Galaxy is amazed to have partnered with Morgan Stanley, ”Galaxy founder Mike Novogratz said via a tweet.