PANews reported on May 1 that according to Bloomberg, Morgan Stanley is planning to add cryptocurrency trading functions to its E*Trade platform. According to people familiar with the matter, the project is still in its infancy and company executives expect the service to be launched next year. To advance this plan, Morgan Stanley is considering working with one or more well-known cryptocurrency companies to build a platform for its brokerage clients to trade popular tokens such as Bitcoin and Ethereum.

People familiar with the matter revealed that since the end of last year, Morgan Stanley has been increasingly discussing how to expand its cryptocurrency business. Currently, the bank's high-net-worth clients can trade cryptocurrency ETFs, ETF options and futures. After internal discussions, senior management believes that launching cryptocurrency spot trading on the E*Trade platform is an ideal strategic extension. This move may intensify competition with existing platforms such as Robinhood Markets Inc. and Coinbase Inc., and the specific impact will depend on how Morgan Stanley builds its partnerships.