Morgan Stanley Seeks Banking Charter to Expand Crypto Services

Morgan Stanley, one of the largest financial institutions in the US, has taken another step towards cementing its position in the cryptocurrency space. The company has filed for a bank charter that will allow it to custody digital assets and offer staking services.

The move is seen as a significant development in the ongoing evolution of traditional finance's relationship with cryptoassets. By obtaining a banking charter, Morgan Stanley will be able to provide its clients with more comprehensive services related to digital assets.

Custody and staking are two key areas where banks can differentiate themselves in the rapidly growing cryptocurrency market. Custody refers to the safekeeping of private keys for users, allowing them to securely store their assets. Staking, on the other hand, enables holders to participate in the validation process of blockchain networks.