Andrew Peel, who previously led digital asset markets at Morgan Stanley, has resigned to establish a new investment and trading technology firm focused on cryptocurrency. His goal is to bridge the divide between traditional finance and decentralized finance (DeFi).
Peel, who started his journey with Morgan Stanley in 2018 after working with Credit Suisse, departed the financial institution in March.
According to reports from Bloomberg, he is now in the process of seeking investment for his new venture, which is expected to launch in the near future.
New Firm to be Established in Switzerland
The new company will be situated in Zug, Switzerland, an area commonly referred to as “crypto valley.”
This firm will integrate both asset management and technology solutions.
It aims to issue and invest in tokenized DeFi assets like blockchain-based investment funds and is set to create trading infrastructure designed specifically for institutions exploring the cryptocurrency landscape.
As the regulatory framework surrounding digital assets evolves, the firm intends to provide tools that facilitate a smoother transition for traditional financial institutions into the cryptocurrency sector.
Andrew Peel exits @MorganStanley to launch a DeFi fund in Switzerland.
Welcome to the builder’s side, Andrew.
— Gaia Ferrero Regis (@gaia_ferrero) May 14, 2025
Peel’s departure aligns with Morgan Stanley’s intensified focus on digital assets.
The bank is reportedly set to introduce cryptocurrency trading services on its retail-centric E*Trade platform by next year, following its 2021 initiative to provide institutional clients with access to Bitcoin funds.
The appetite for cryptocurrency among Wall Street firms has grown, especially in light of a more favorable regulatory climate in the U.S. following Donald Trump’s return to the presidency.
The recent approval of spot Bitcoin ETFs in early 2024 and the increasing demand for tokenized money market funds, provided by companies like BlackRock and Franklin Templeton, have also spurred interest.
In a notable shift within the financial industry, BNY Mellon has announced that Caroline Butler, its global head of digital assets, will be leaving the bank. Carolyn Weinberg, the bank’s chief solutions innovation officer, will take over the oversight of its digital asset strategy.
Crypto Venture Capital Funding Reaches $6 Billion in Q1
According to PitchBook’s recent report, crypto venture capital financing increased dramatically in the first quarter of 2025, despite a significant decrease in the number of deals conducted compared to the previous year.
A total of 405 deals were finalized in the quarter, reflecting a 39.5% drop from Q1 2024. However, the overall deal value soared to $6 billion, up from $2.6 billion the previous year and $3 billion in the fourth quarter.
The majority of funding was directed towards crypto financial services, including asset managers and exchanges, which collectively raised $2.55 billion across only 16 transactions.
Crypto VC funding in Q1 2025 was actually the highest it’s been since Q3 2022. pic.twitter.com/WrPeQgPRiQ
— Miles Deutscher (@milesdeutscher) April 22, 2025
Funding for infrastructure and development firms followed, with $955 million secured across 30 deals, while Web3 startups received $231 million from 23 transactions.
Robert Le, a senior analyst at PitchBook focusing on cryptocurrencies, observed that investment is still flowing into essential crypto services despite overarching economic challenges, indicating a lasting confidence in the sector’s utility.
Le emphasized that stable utility rails serve as a compelling attraction for investments.
Looking forward, Le noted that the expected IPO of stablecoin issuer Circle will serve as a critical barometer for the cryptocurrency equity markets. If Circle achieves a valuation exceeding its rumored range of $4 to $5 billion, it could reset expectations for late-stage crypto companies and draw additional investment towards infrastructure and payment-focused initiatives.
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