Bank of America is the latest major bank to get into crypto research and market. According to reports, the bank has set up a research team dedicated to looking into researching various cryptocurrencies. Moreover, the bank believes that this will give a unique position and provide leadership on cryptocurrency markets and the technology associated with them.
At present, the bank and the research team are investing and offering several cryptocurrencies to the clients of the bank. Additionally, it includes DBS, Goldman Sachs, Wells Fargo, Morgan Stanley, Standard Chartered and, City Group. Moreover, cryptocurrency and investments in non-fungible tokens are the steps ahead.
The new cryptocurrency research team
Bank of America set up a new team solely dedicated to researching cryptocurrency. The new team is led by Alkesh Shah. Shah is one of the founding members of the Data and Innovation Strategy Group at the leading bank. He joined the bank in 2013, after multiple stints at firms like Lehman Brothers Holdings and Morgan Stanley.
The crypto research team will report to Michael Maras, the lead of the global fixed income, currencies, & commodities research at the Bank of America.
“Cryptocurrencies and digital assets constitute one of the fastest-growing emerging technology ecosystems. We are uniquely positioned to provide thought leadership due to our strong industry research analysis, market-leading global payments platform, and our blockchain expertise,” stated Cadance Browning in the memo. “Mamta Jain and Andrew Moss will also join the lender’s research arm as part of the changes and continue to report to Shah,” added Browning in the memo. However, Browning is not just the spokesperson but also the global research head at the Bank of America.
