After the price of most crypt currencies suffered from the rumour that Goldman Sachs would not set up a bitcoin desk, confidence has now been restored. That’s because of the story that Morgan Stanley plans to offer bitcoin derivatives.
Financial press agency Bloomberg, which usually has reliable sources, reports this on the basis of an anonymous source familiar with the matter. The commercial bank would plan to offer trading in complex derivatives linked to the largest cryptic currency. If the news is right, then Morgan Stanley is the next big Wall Street firm to jump aboard the virtual currency train.
According to the anonymous source of the newspaper, the American bank intends to trade in contracts that give investors the opportunity to trade in bitcoin. They can then buy the virtual currency quickly, but also sell it quickly. For each transaction a small amount has to be paid, with which the commercial bank will earn its money.
Morgan Stanley would have the technology for this system ready by now. However, the service will not be provided yet: first, the bank wants to make sure that its customers are really interested in this product. In addition, an internal approval process has to be completed. The bank did not want to confirm whether this news is correct.
More and more banks and investors are planning to launch products related to cryptic currency. Goldman Sachs and Citigroup are both preparing ways for their clients to trade the bitcoin. What is striking is that they do not want customers to trade directly with the coins, but that contracts must be concluded, with which the trade is actually only about derivatives. Morgan Stanley also wants to do something like this, where customers don’t directly make use of the virtual coins, but only buy and sell property rights.This news article was automatically translated from Dutch to give Techzine.eu a head start. All news articles after September 1, 2019 are written in native English and NOT translated. All our background stories are written in native English as well. For more information read our launch article.