Digital Assets: Bank of America Creates Cryptocurrency Research Team

July 8, 2021 | Digital Assets, News

The move towards crypto is the latest from a Wall Street giant.

Cryptocurrencies are here to stay, judging from a push into their research by Bank of America (NYSE: BAC), the latest Wall Street entity to make a foray into digital assets. According to Bloomberg, which saw an internal memo, the Bank has installed a new research team focused on cryptocurrencies.

Bank of America is dipping its toes into turbulent crypto waters on the heels of some of its other peers. In May, Goldman Sachs (NYSE: GS) announced that its crypto trading desk had become operational after successfully completing certain crypto trades based on derivatives.

The same month, Citibank (NYSE: C) said it was considering a presence in the cryptocurrency markets after seeing rising interest among its clients. “I believe that crypto is here to stay and that we are just at the very beginning of the market,” Itay Tuchman, Citi’s global head of foreign exchange said at the time. “This isn’t a space race – there is room for more than just one flag.”

Bank of America: New crypto team

“Cryptocurrencies and digital assets constitute one of the fastest-growing emerging technology ecosystems,” Candace Browning, head of global research for Bank of America, said in the internal memo. “We are uniquely positioned to provide thought leadership due to our strong industry research analysis, market-leading global payments platform, and our blockchain expertise.”

The crypto research arm would be led by Alkesh Shah, who joined the bank in 2013. In a previous assignment at the bank, Shah led its global technology specialist team.

Shah will report to Michael Maras, who leads Bank of America’s fixed-income, currencies, and commodities research globally.

Related Story: Citigroup Heeds Clients; Mulling Cryptos                                                   

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