Andrew Peel, former head of digital asset markets at Morgan Stanley (MS), has departed the firm to establish a cryptocurrency investment and technology company in Zug, Switzerland, according to a Bloomberg report on Tuesday.
The new venture will focus on tokenized funds and trading tools bridging traditional finance and decentralized finance (DeFi). Peel—a former Credit Suisse trader who joined Morgan Stanley in 2018—resigned in March and plans to begin fundraising shortly.
Wall Street’s Accelerating Crypto Push
Peel’s exit coincides with Morgan Stanley’s preparations to roll out retail cryptocurrency trading via E*Trade next year, expanding beyond the institutional bitcoin fund access it launched in 2021. Wall Street’s digital asset momentum is intensifying amid shifting U.S. policy and growing interest in tokenized funds from firms like BlackRock and Franklin Templeton.
Morgan Stanley declined to comment on the development when approached by Bloomberg.
Key Industry Trends Driving the Move:
- Institutional adoption of crypto investment vehicles
- Tokenization of traditional assets (e.g., funds, equities)
- Regulatory clarity in crypto-friendly jurisdictions like Switzerland
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FAQ: Tokenized Funds and DeFi Adoption
Q: What are tokenized funds?
A: Tokenized funds represent traditional investment vehicles (like mutual funds) as blockchain-based digital tokens, enabling fractional ownership and 24/7 trading.
Q: Why is Switzerland a hub for crypto innovation?
A: Known for its progressive crypto regulations, Zug (often called "Crypto Valley") offers a clear legal framework and tax incentives for blockchain startups.
Q: How does DeFi intersect with traditional finance?
A: DeFi protocols enable programmable financial services (lending, trading) without intermediaries, while institutions leverage this tech for efficiency gains like instant settlements.
Morgan Stanley’s strategic shift underscores a broader trend: major financial players are transitioning from cautious crypto experimentation to full-scale product offerings. As Peel’s venture demonstrates, the convergence of Wall Street expertise and DeFi innovation is forging new pathways in digital asset management.
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