Nikolas Sargeant
Andrew Peel departs his position as head of digital asset markets to establish a Switzerland-based firm combining institutional-grade trading technology with decentralized finance investment opportunities.
Andrew Peel, who led Morgan Stanley's digital asset markets division, has resigned from his position to launch an innovative cryptocurrency-focused investment and trading technology company. The new venture aims to create critical infrastructure bridging traditional financial institutions with decentralized finance (DeFi) opportunities. Peel, who joined Morgan Stanley in 2018 after previously working at Credit Suisse, departed the Wall Street banking giant in March to pursue this entrepreneurial path.
According to Bloomberg sources familiar with the matter, Peel is currently preparing to initiate capital raising efforts for the new venture in the coming months, seeking to capitalize on growing institutional interest in digital asset exposure through regulated channels.
Switzerland's Crypto Valley Selected for Strategic Headquarters Location
Peel has strategically chosen to establish the company's headquarters in Zug, Switzerland—a region widely recognized as "Crypto Valley" due to its concentration of blockchain companies and favorable regulatory environment for digital asset businesses.
The multi-faceted venture will integrate both asset management services and specialized technology solutions. According to sources, the firm plans to issue and invest in tokenized DeFi assets, including blockchain-based investment funds, while simultaneously developing sophisticated trading infrastructure specifically designed for traditional institutions entering the cryptocurrency space.
With regulatory frameworks for digital assets continuing to evolve globally, Peel's firm intends to offer specialized tools enabling traditional financial institutions to navigate the cryptocurrency ecosystem more effectively and with appropriate compliance safeguards.
Peel's departure coincides with Morgan Stanley's expanded digital asset initiatives, including reported plans to introduce cryptocurrency trading services on its retail-focused E*Trade platform by 2026. This follows the bank's 2021 decision to provide Bitcoin fund access to institutional clients with at least $2 million in assets.
Wall Street's cryptocurrency engagement has accelerated substantially, bolstered by a more accommodative policy environment following Donald Trump's return to the presidency. Market confidence has further strengthened after the SEC's approval of spot Bitcoin ETFs in early 2024 and growing institutional adoption of tokenized money market funds from major asset managers including BlackRock and Franklin Templeton.
In related industry movement, BNY Mellon confirmed that Caroline Butler, its global head of digital assets, is also departing, with Carolyn Weinberg, the bank's chief solutions innovation officer, maintaining oversight of its digital asset strategy.
Institutional Capital Flows Accelerate Despite Declining Deal Volume
The cryptocurrency venture capital landscape demonstrated remarkable resilience in Q1 2025, with PitchBook reporting that while the total number of deals declined significantly, overall funding values more than doubled compared to the previous year.
Only 405 cryptocurrency-focused venture deals were completed during the quarter, representing a 39.5% decrease from Q1 2024. However, total deal value surged to $6 billion—a dramatic increase from both the $2.6 billion recorded in Q1 2024 and the $3 billion invested during Q4 2024.
Financial services firms, including cryptocurrency asset managers and exchanges, captured the largest share of this investment at $2.55 billion across just 16 deals. Infrastructure and development projects followed with $955 million raised through 30 deals, while Web3 startups secured $231 million across 23 transactions.
PitchBook senior cryptocurrency analyst Robert Le observed that capital continues flowing into foundational cryptocurrency services despite macroeconomic headwinds, indicating strong investor confidence in the sector's long-term utility. Looking ahead, Le identified stablecoin issuer Circle's anticipated public offering as a critical benchmark for cryptocurrency equity markets, suggesting that a valuation exceeding the rumored $4-5 billion range could significantly elevate expectations for late-stage cryptocurrency startups.
