Morgan Stanley has joined Goldman Sachs, E*Trade and TD Ameritrade to clear bitcoin futures for their clients.
The Bitcoin community divides over the idea of bitcoin-related regulated futures. Some people even hints manipulation in the bitcoin market. However, as more Wall Street firms involve themselves with bitcoin, the coin gains legitimacy.
Jonathan Pruzan, the chief financial officer at Morgan Stanley, said that brokers were looking to serve institutions.
“There hasn’t been plenty of activity, but institutions want to be part of the derivatives transactions.”
All signs point to institutions getting more involved in bitcoin markets. If they do get involved, the price of bitcoin will soar. No wonder Coinbase is targeting them with their Custody product.
According to Brian Armstrong, the CEO Coinbase, institutions are ready to invest up to $10bln.