PANews reported on May 13 that according to Bloomberg, Morgan Stanley's head of digital asset markets, Andrew Peel, had resigned in March and planned to establish a crypto investment fund and DeFi trading technology company in Zug, Switzerland, focusing on connecting traditional finance with decentralized finance. The new company will include asset management business and trading product development, and will start fundraising in the coming months. This move comes at a time when Morgan Stanley plans to incorporate crypto trading services into its E*Trade platform next year.