Morgan Stanley Reveals Plans to Offer Bitcoin Swap Trading

As client demand increases, another major Wall Street firm is making plans to offer a new array of digital asset trading services.

New York-based investment bank Morgan Stanley plans to launch Bitcoin swap trading services for clients, reports Bloomberg.

Through the new trading service, investors will be able to go long or short on Bitcoin price return swaps, giving clients synthetic exposure to the price action of the world's largest cryptocurrency.

Morgan Stanley will charge a spread for each transaction made, according to a person familiar with the matter.

The move marks Morgan Stanley's second cryptocurrency derivative service, as the firm began clearing Bitcoin futures contracts at the start of 2018.

Morgan Stanley does not plan to offer direct cryptocurrency trading services to its clients, according to the report.

The launch date for the new Bitcoin swap trading service has not been disclosed.

Morgan Stanley ranks sixth among the largest U.S. banks, with over $851 billion in assets under management, according to data from Bankrate.

To meet rising investor interest, Morgan Stanley is beginning to establish itself in the digital economy.

Last month, Morgan Stanley hired Andrew Peel, who previously served as Credit Suisse's VP of Sales and Innovative Trading, to head its new Digital Asset Markets division.