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(Reuters) – Morgan Stanley plans to offer trading in derivatives tied to bitcoin, Bloomberg reported on Thursday, citing a person familiar with the matter.

A sign is displayed on the Morgan Stanley building in New York U.S., July 16, 2018. REUTERS/Lucas Jackson

The bank does not plan to trade bitcoin directly and its swaps are tied to bitcoin futures contracts, the person said.

Morgan Stanley did not immediately respond to a Reuters request for comment.

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Last week, Business Insider reported that rival Goldman Sachs Group Inc was ditching plans to open a desk for trading cryptocurrencies, as the regulatory framework for crypto remains unclear.

Reporting by Sanjana Shivdas in Bengaluru; Editing by Maju Samuel

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