Andrew Peel, who led Morgan Stanley’s digital asset markets unit, is departing to start a Zug-based venture bridging traditional finance and decentralized finance.

Morgan Stanley’s head of digital asset markets Andrew Peel has left the bank to launch a new crypto venture, Bloomberg has learned, citing a person familiar with the matter.

Peel, a former Credit Suisse trader, joined Morgan Stanley in 2018. He stepped down from his role in March and plans to start fundraising for his new venture in the coming months, per the sources close to the matter.

The company will reportedly be based in Zug, Switzerland‘s crypto hub, and will include an “asset management vehicle that will both invest in and issue DeFi assets such as tokenized funds,” the sources say. The firm will also “operate a technology business to develop trading products that help traditional firms bridge the gap into the space as it becomes more regulated.”

Earlier this year, Morgan Stanley CEO Ted Pick said the bank wants to work closely with the U.S. Treasury and other regulators to define its role in the crypto market. Pick also said the firm would seek clarity on whether the bank can expand its role as a transactor in the crypto market.

Peel’s exit comes as Morgan Stanley is preparing to offer crypto trading to retail investors through its E*Trade platform. The service is expected to go live in 2026, when crypto trading will be available for all of its 5.2 million retail clients.