Andrew Peel, formerly the head of digital asset markets at Morgan Stanley, has left the banking giant to launch his own cryptocurrency venture, according to a source familiar with the matter, as reported by Bloomberg.
Peel, who began his financial career as a trader at Credit Suisse, joined Morgan Stanley in 2018 and stepped down from his role this past March. Sources close to the situation indicate that he plans to begin fundraising for his new venture in the coming months, marking a significant pivot toward entrepreneurship in the digital asset space.
The upcoming venture will reportedly be based in Zug, Switzerland—a city known as a global hub for cryptocurrency innovation. According to sources, the company will include an asset management division aimed at both investing in and issuing decentralized finance (DeFi) instruments, such as tokenized funds. In addition, it will feature a technology arm focused on creating trading solutions that help traditional financial institutions navigate the increasingly regulated crypto landscape.
Peel’s exit comes at a pivotal moment for Morgan Stanley, as the bank intensifies its efforts to define its place in the digital asset market. Earlier this year, CEO Ted Pick stated that the firm is working closely with the U.S. Treasury and other regulators to clarify its role in the sector. He also emphasized the importance of gaining regulatory clarity on expanding the bank’s capabilities as a transactor in the crypto space.
Glad to see positive words from our CEO, U.S. Digital Assets EO and a repeal of SAB 121.
It’s already been quite the journey to get to this point, yet there is still a lot of work to be done and a long way to go..
..slowly, slowly, and then all of a sudden. pic.twitter.com/o9NvulrwGZ
— Andrew Peel, CFA (@AndrewLPeel) January 24, 2025
Meanwhile, the bank is preparing to launch cryptocurrency trading for retail investors through its E*Trade platform. The offering, expected to go live in 2026, will make crypto trading available to all 5.2 million of its retail clients—further solidifying Morgan Stanley’s growing presence in the digital asset market.
In a separate development within the blockchain industry, Zilliqa Technology announced the departure of its CEO, Matt Dyer, signalling a shift in leadership as the company advances toward the release of its major network upgrade, Zilliqa 2.0.
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