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SOL Morgan Stanley's E*TRADE platform has launched a spot cryptocurrency trading service. By partnering with crypto infrastructure provider Zero Hash, eligible customers can buy, sell and hold Bitcoin, Ethereum and Solana.
Customers can view their cryptocurrency holdings, as well as stocks and other traditional investments, on the E*TRADE platform. It is expected that later this year, the platform will support transfer-in and transfer-out functions of digital assets.
According to Morgan Stanley's latest financial supplementary report, as of March 31, this autonomous trading channel served 8.6 million households and held approximately US$1.56 trillion in customer assets.
An announcement released on Thursday showed that a 50 basis point fee is charged for each transaction, while custody and trading services are processed through separate Zero Hash accounts that are not protected by the Federal Deposit Insurance Corporation or Securities Investor Protection Corporation. Morgan Stanley said it expects to transfer digital asset services to Morgan Stanley Digital Trust, a national trust bank it is building.
In addition, Morgan Stanley has also launched a number of non-crypto-related updates on its client platform, including stock scrap trading, a redesigned retirement planning tool, and new features for the Power E*TRADE Pro desktop platform.
Prior to this launch, the company launched a pilot in May this year to test a limited user base before opening the service to eligible E*TRADE customers.
Morgan Stanley expands crypto strategy
In addition to retail spot trading, Morgan Stanley this year also expanded its digital asset business into stablecoin reserve services and cryptocurrency exchange-traded funds.
In April, the Wall Street giant launched a stablecoin reserve service that allows issuers to deposit assets supporting its tokens in the company's money market funds while earning interest.
In the same month, the company launched a spot Bitcoin ETF with a management fee of 0.14%, making it the lowest-cost Bitcoin ETF on the U.S. market at the time. The fund is listed on the New York Stock Exchange in Arca and is the first spot Bitcoin ETF issued by a major U.S. commercial bank.
In the six trading days before listing, the ETF attracted net inflows of more than US$100 million, exceeding the cumulative inflows of the spot Bitcoin ETF launched by WisdomTree in January 2024. As of writing, the fund's cumulative net inflow was approximately US$385 million, according to SoSoValue data.
In June this year, Morgan Stanley set its management fee at 0.14% after applying for listing the spot Ethereum and Solana ETF.
