Goldman Sachs and Morgan Stanley Customers Don’t Want Crypto
Several large banks, including Goldman Sachs and Morgan Stanley, are ready to provide clients with crypto trading services. But there is simply no demand among clients.
According to Bloomberg, the large banks from Wall Street have long been ready to enter the crypto industry and expand their cryptocurrency trading services. But the demand is so small that all undertakings remain in the embryonic stage. Goldman Sachs managed to engage only 20 people to its crypto fund during all this time. However, the bank is going to hire a specialist in digital assets in its premium banking department.
Morgan Stanley launched Bitcoin futures swaps in the early fall. According to Bloomberg, so far even one client has not used this service. But the financial conglomerate is ready to provide even more crypto-related products if there is a demand for them.
Barclays and Citigroup suffer from the same problems. None of their clients used crypto trading services. Barclays even left two employees who were supposed to develop the cryptocurrency department.