Andrew Peel has left his role as Morgan Stanley’s (MS) head of digital asset markets to launch a crypto investment and tech firm in Zug, Switzerland, Bloomberg reported Tuesday.
The venture will focus on tokenized funds and trading tools bridging traditional finance and DeFi, according to Bloomberg.
Peel, a former Credit Suisse trader who joined Morgan Stanley in 2018, stepped down in March and plans to start fundraising soon, according to the story.
His exit comes as Morgan Stanley readies retail crypto trading on E*Trade next year, according to a report earlier this month, expanding beyond the bitcoin fund access it launched for institutions in 2021.
Wall Street’s digital asset push is accelerating amid shifting U.S. policy and rising interest in tokenized funds from firms like BlackRock and Franklin Templeton.
A Morgan Stanley spokesperson declined to comment to Bloomberg.
Read more: Morgan Stanley Eyes Launching Crypto Trading Through E*Trade: Bloomberg
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