Investing.com – Morgan Stanley (NYSE:MS) has applied for a national trust bank charter to custody digital assets, according to a filing submitted to the Office of the Comptroller of the Currency on Feb. 18.
The bank plans to use the entity to conduct trading and facilitate staking for its investment clients. The business will have a main office in Purchase, New York, with services offered throughout the United States.
Morgan Stanley has expanded its digital asset business in recent months. In January, the company appointed Amy Oldenburg as head of digital-asset strategy.
The bank also filed for Bitcoin, Ether and Solana exchange-traded funds in January. Morgan Stanley partnered with Zerohash to allow ETrade clients to trade digital assets starting this year.
Wall Street firms have been seeking ways to expand their reach into crypto markets. Crypto and fintech firms have also been applying for national trust bank charters.
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