Andrew Peel has left his role as Morgan Stanley’s (MS) head of digital asset markets to launch a crypto -investing and tech company in Zug, Switzerland, Bloomberg reported Tuesday.
The venture will focus on tokenized foundations and trade tools that bridge traditional economy and defi, according to Bloomberg.
Peel, a former Credit Suisse businessman who joined Morgan Stanley in 2018, stepped down in March and plans to start fundraising soon, according to history.
His exit comes when Morgan Stanley reads retail Crypto Trading on E*trade next year, according to a report earlier this month, expanding beyond the Bitcoin Fund Access it launched for institutions in 2021.
Wall Street’s digital asset push accelerates in the midst of changing American politics and increasing interest in tokenized funds from companies such as Blackrock and Franklin Templeton.
A spokesman for Morgan Stanley refused to comment on Bloomberg.
Read more: Morgan Stanley Eyes Launches Crypto Trading Through E*Trade: Bloomberg
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