Morgan Stanley, Bank of America Set To Explore Bitcoin, XRP, Ethereum
Ted Pick, the CEO of Morgan Stanley, stated that the bank is open to collaborating with financial regulators to investigate ways to increase engagement in cryptocurrency ( Bitcoin, XRP, Ethereum) during the annual meeting of the World Economic Forum in Davos
Pick clarified that Morgan Stanley, a highly regulated financial institution, wants to overcome the obstacle of whether it can operate as a cryptocurrency player. According to the bank’s CEO, the bank will investigate ways to provide cryptocurrency services securely in collaboration with the US Treasury Department and other authorities.
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Morgan Stanley Bank has been using E*TRADE to investigate cryptocurrency trading options. Through futures contracts, crypto-linked stocks, and exchange-traded funds, the branch provides Morgan Stanley customers with exposure to cryptocurrency.
Brian Moynihan, CEO of Bank of America, discussed US banks’ readiness to participate in cryptocurrency at the WEF meeting in Davos. Moynihan responded when asked how US banks would approach cryptocurrency under the new pro-crypto administration.
BofA’s CEO clarified that for big banks to participate in cryptocurrency transactions, however, regulatory clarity is required.
Moynihan also emphasized the potential for cryptocurrency to emerge as a new payment option in addition to Apple Pay, Visa, Mastercard, and debit cards.
The CEO of BofA added that banks like Goldman Sachs and Morgan Stanley, among others, have access to the resources they would require to get involved in cryptocurrency.
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