Morgan Stanley Appoints First Head Of Digital Assets

Cryptocurrencies are starting to attract even banks, that are naturally posed as enemies, because even these financial institutions have a sense that these new techs will be more important in the near future. That is why some of these institutions are occupied getting patents for blockchain related applications, while they shun blockchain and cryptocurrencies as a politic. This time Morgan Stanley, one of the biggest financial institutions of the world is appointing a new charge called “Head of Digital Assets”, that will be in charge of the digital investments of the organization.
The person named in this charge is a crypto veteran called Andrew Peel, who has a heavy background in trading and cryptocurrencies, formerly working with Credit Suisse, one of the most strict swiss banks. Andrew Peel’s functions within the organization are not known very well, not even the charge that he will take. Business Insider describes that Morgan Stanley declined to declare if this is the first time that they have appointed someone for this role, but at least is the first time that the announcement has been made public.
While most banks have been up in arms against cryptocurrencies, Morgan Stanley has been one of the most lenient businesses in respect of cryptocurrencies. The CEO of Morgan Stanley has said recently that Bitcoin was not going anywhere. They have been recruiting staff that is believed to work into crypto related issues and to add cryptocurrencies to their trading options.
However, big banks adopting crypto could be seen also as an attempt by these old financial institutions to thwart the unstoppable advance that they have had, at least in this year. Cryptocurrencies have been designed to do just that, to substitute banks bt sidestepping them and making their function obsolete. But there are people that still think that a mutual coexistence could benefit people and banks by bringing some of the advantages of decentralization to banking processes.

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