Morgan Stanley, one of the leading investment banks in the United States, has offered its customers access to Bitcoin funds. This was made known through a recent CNBC report which said that the bank had released a memo where it stated that it will allow its wealthy customers to access three funds that could allow them own crypto.
According to the report, two of these funds will be from Galaxy Digital, the parent company of Grayscale Investment. While the third fund will be a collaborative effort of NYDIG and FS investment.
The report went on to say that clients who want to take advantage of this development with the investment bank must hold at least $2 million with the bank and investment firms looking to tap into this opportunity must hold up to $5 million with the bank. Not only that, Morgan Stanley also mentioned that clients who fulfill the above criteria would also be restricted from investing more than 2.5 percent of their assets into the funds due to the volatile nature of the crypto industry.
Notably, Morgan Stanley was forced to change its sentiments about Bitcoin and other crypto assets due to the increased demands from its clients’ base for exposure to the industry. Also, the general bull run of cryptos have forced the hands of many firms on the Wall Street to have a rethink of their stance towards the digital asset space.