The round marks the first time a blockchain technology company has received major institutional funding from Morgan Stanley, said Carlos Domingo, co-founder and CEO of Securitize.
In 2017, Anchorage’s Tricia Lin made the decision to leave Morgan Stanley to join the digital asset industry.
Ian Rooney’s appointment comes shortly after the exchange brought on former Securities and Exchange Commission official Brett Redfearn as vice president of capital markets, and Molly Abraham, as an associate general counsel for commercial.
Some funds will have indirect bitcoin exposure through cash settled futures or investments in the Grayscale Bitcoin Trust, while others might have no exposure to bitcoin.
Interest in digital assets infrastructure from legacy financial services comes as a new set of anti-money laundering and tax laws in Korea requires exchanges to partner with traditional banks.
Morgan Stanley’s three funds include two from Galaxy Digital and another joint effort between FS Investments and NYDIG
New policy is the latest in a string of moves by large banks to get clients exposure to growing space.
Adam Blumberg, cofounder at Interaxis, a digital assets education and training company for financial advisors and investors, suggested the bank may be calling it “actively” managed to justify some of the fees it charges, or will charge.
Firm’s note said, “A potential normalization of Bitcoin volatility from here would likely help to reinvigorate the institutional interest going forward.”