The race to become a Bitcoin ETF bank has likely become intense between global banks, including majors like Morgan Stanley, UBS, and others.
Over the last few days, social media has erupted with talks for a Bitcoin ETF bank. Users are increasingly reporting a tight race between global banking majors in the trend. In a recent post, a user revealed that Morgan Stanley was the latest entrant to this claim. A month back, Bloomberg, the leading economic daily, reported a similar event. Its report stated that Wells Fargo and Bank of America Meryll’s had offered clients access to the Bitcoin ETFs.
Since their approvals, the spot Bitcoin ETFs have led to a surge in investor’s interest in crypto investment products. As a result, global banking corporations could have likely entered the space for crypto investment products.
Along with Morgan Stanley, UBS is probably in contention for the spot Bitcoin ETFs in the US. If both banks indeed announce their foray into crypto, it could be a big impetus for global crypto adoption. In the last few months, there have been a slew of regulatory updates in the space, which could boost crypto adoption.
For instance, the European Banking Authority has established new guidelines for crypto firms in the region. In the US, lawmakers have prioritized a stablecoin regulatory bill.
Meanwhile, Morgan Stanley has already announced its new crypto fund, the Morgan Stanley Europe Opportunities Fund. The fund will invest in Bitcoin through the spot ETFs. On the other hand, the new development of the ETFs on its platform is a positive signal for the sector.
The spot Bitcoin ETFs have seen billions of inflows recently, which have helped token prices surge.
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