Morgan Stanley’s head of digital asset markets, Andrew Peel, has stepped down, according to an announcement on Wednesday. Peel, who played an instrumental role in the bank’s adoption of crypto, is leaving to start a new tokenization effort in Zug, Switzerland.
“Despite the volatility, I’ve always had strong conviction that Bitcoin and other quality crypto assets would become relevant for traditional finance,” Peel wrote in a LinkedIn post on Wednesday. “The success of the spot hashtag#Bitcoin ETFs and the US regulatory shift has more than validated that belief.”
The Zug-based startup will focus on building crypto-related products and technologies, he said.
“As RWAs move onchain, TradFi will follow,” Pee told The Block in a direct message. “Building the infrastructure and products to meet them there is how we realise the future of onchain finance.”
“Traditional finance capital will seek the returns of DeFi opportunities,” he wrote, adding that “TradFi institutions will increasingly leverage and interact with DeFi technology. Regulation and technology will evolve to support this shift.”
Peel is a former Credit Suisse trader who joined Morgan Stanley in 2018. He stepped down in March and is now on leave.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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