Bitcoin acceptance by mainstream institutions continues to gather momentum as Morgan Stanley became the first banking institution to accept digital currency as an emerging asset class. The move by the financial institution positions it in a tight spot with other banking institutions expected to follow.
Morgan Stanley to launch three crypto funds
In a statement, the banks indicated that it will launch three funds enabling individual clients to own BTC. Most importantly, the announcement comes at a timely moment when BTC is showing strong momentum after the cryptocurrency hit a record high of $62,742 this past weekend.
Morgan Stanley is among six major US banks that have shown interest in BTC as an asset class that can be used to hedge against inflation. Interestingly, JPMorgan Chase, Goldman Sachs, and Bank of America’s wealth management unit currently prohibit the direct offering of BTC investments by its advisors.
Visa enabling BTC purchase with credit card
Payment processor Visa Inc. (NYSE:V) has indicated that it is working on enabling BTC purchase through its credit card as it seeks to leverage opportunities. The company’s CEO Al Kelly shared the payment processor’s cryptocurrency strategy with Fortune’s Leadership Next, where he discussed plans about crypto. He explained that they want to enable BTC purchase on Visa credit card and work with digital currency wallets to permit conversion of BTC to fiat to be used at any place globally.
Early last month, Visa partnered with First Boulevard, a native neobank focusing on generational wealth building for the black Community. The neobank will pilot the payment processor’s crypto APIs suite enabling customers to buy, store and trade crypto held by Anchorage.
Texas Securities Commissioner flags three unregister crypto investment platforms
Travis J. Iles, Texas Securities Commissioner, has entered emergency cease and desist orders stopping three unregistered crypto investment platforms from deceiving investors. The platforms include Delta Crypt Ltd operating under the name Binance Assets, Digitaly Invest not firm as Digitally Invest or Digital Invest, and FXsmart Robots. The commissioner said that the platforms are not registered to offer securities, and their investment plans are unregistered or not allowed for sale in Texas. The Philippines SEC also flagged Delta Crypt, which claims to be a UK-registered business, for offering securities illegally.
Coinbase registers 115 million shares ahead of IPO
Coinbase crypto exchange registered almost 115 million shares on Wednesday ahead of its awaited direct listing. Also, Coinbase disclosed the previous trading prices of its stock in private markets, showing that the Fenwick-led firm was valued recently at around $68 billion. Coinbase Global will avail 114.9 million Class A shares for resale once it goes public.
KP government want to control crypto mining
KP government’s advisor to Science and Information Technology Chief Minister Ziaullah Bangash has stated that they are consulting with experts and stakeholders to take a crypto Mining initiative. He indicated that they want to make crypto mining to be under the government’s control. Once legal requirements are met, investors can contact the government to invest.