Morgan Stanley is one of the largest investment banks worldwide. As of yesterday, they confirmed that they are working on a crypto-related product for their clients.
According to Bloomberg, this is new, reliable information that comes from familiar names in the crypto community. Morgan Stanley is planning to offer to trade with complex derivatives that are connected to bitcoin. The bank will provide contracts to the investors so they will have a clear exposure to the market. This way, investors can use the price return swaps and the bank will charge them for each processed transaction.
Before officially launching the project, Morgan Stanley has to make sure that there is actually interest from clients. Currently, the biggest interest comes from large Wall Street companies that offer similar crypto-related products. If we listen to the clients we will find out that:
“Price movements are everything for a trader. The largest the swings the better. As we execute or either the firm or institutional clients, the more volatility the better,” said the source. “Even the choppy movement in the equity indexes over the past three months have been useful in that regard.”
The bank guarantees that products such as this one will be very beneficial for the market. Also, a product like this one will make a larger number of institutional investors to have a better access to bitcoin and other cryptocurrencies. Other financial companies such as Citigroup are working on a trading crypto mechanism, and Goldman Sachs is exploring with derivatives on bitcoin.
According to a source, the product is set to launch soon so make sure to follow up on our news so you don’t miss out on it.
CEO Of Binance Thinks That Market Is Still In A Good Position, Crypto Volume x2 Larger Than Stats
“Compared to January [of 2018], we are probably down 90 percent. So we only have one-tenth of the trading volume compared to what we had in January. But, compared to like a year or two years ago, we’re still trading at huge volumes. Business is still okay, we are still profitable, and we are still a very healthy business."Binance is still recording decent volume and maintaining a healthy business - showing an increase in its number of active users and BTC deposits. Zhao continued, stating:
“Right now we are still signing up a steady amount of new users every day so from what we are seeing, it’s very healthy actually. The number of new users and the amount of crypto we hold are increasing very steadily. So if you look our cold wallets, the amount of BTC we hold, we have just seen an increase in people depositing Bitcoin to our exchange.”Meanwhile, the cryptocurrency market cap seems to be getting hold of the over-the-counter (OTC) market where large institutional traders are playing. According to some stats from earlier this year, this market is at least two times larger than the cryptocurrency exchange market. CZ also noted that the OTC market is estimated to be at least as large as the live recorded volumes of exchanges. As such, it is now twice the size of the current volume, having around $23.4 billion (despite the $11.7 billion daily trading volume of crypto) in circulation.
“What I’ve heard is the OTC market is at least as large as the live recorded volumes [on exchanges]. So that is at least 50 percent of volumes that is not being reported on CoinMarketCap. But we’re not heading to that business, so we don’t know the real volumes,” Zhao concluded.
Major US Museum Starts Accepting Payments In Bitcoin
“There is a lot of excitement around the conference. Accepting bitcoin is just a small part of the momentum to grow a blockchain ecosystem in Cleveland.”The Museum of the Coastal Bend in Texas as well as the St. Petersburg Museum of History in Florida have both been accepting BTC for quite some time, which makes the Great Lakes Science Center officially the third museum in the US to start accepting crypto as a payment method. With this, it is easy to see that Bitcoin has become a major store of value. The $110 billion in circulation are acknowledged as a proper asset by many large scale institutions, some of which include ICE, Fidelity, Nasdaq and the New York Stock Exchange. This integration comes after Hublot, which is a Swiss luxury watchmaker, successfully integrated Bitcoin in order to sell 210 pieces of its limited edition Bitcoin-themed sports watch for $25,000 a piece, generating more than $5 million in revenue purely through these sales.
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