The Bank of America has formed a cryptocurrency research group
- Bank of America believes it is in a unique position to offer thought leadership in the realm of cryptocurrencies and the technology that supports them
- The team will be led by Michael Maras, the bank’s global fixed income, currencies, and commodities research chief. The team will cover digital currency-related technologies in addition to cryptocurrencies
- According to Candace Browning, head of Bank of America’s global research, cryptocurrency, and digital assets are one of the fastest-growing new technology ecosystems
Bank of America is the latest big financial institution to enter the bitcoin market. The bank has formed a team dedicated to cryptocurrency research, according to an internal document. Bank of America feels it is uniquely positioned to contribute thought leadership in the field of cryptocurrencies and the technology that underpins them. According to an internal document obtained by Bloomberg, the Bank of America (BofA) has formed a new division dedicated to cryptocurrency research.
The contents of the message were confirmed by a bank spokesperson. Alkesh Shah, a founding member of Bank of America’s Data & Innovation Strategy Group, will lead the new crypto team. Michael Maras, the bank’s global fixed income, currencies, and commodities research head, will be in charge of the unit. Aside from cryptocurrencies, the team will discuss digital currency-related technologies.
Cryptocurrencies and digital assets are one of the fastest expanding new technological ecosystems, according to Candace Browning, head of Bank of America’s worldwide research. Because of our deep industry research analysis, market-leading global payments platform, and blockchain experience, we are ideally positioned to deliver thought leadership.
An increasing number of investment banks have begun to offer cryptocurrency services to their clients, or are in the process of doing so. Goldman Sachs, Morgan Stanley, Citigroup, Standard Chartered, Wells Fargo, and DBS are among the firms. However, in recent months, the bank appears to have taken some minor moves toward acceptance. According to a storey from May, the bank has joined the Paxos Settlement Service, which would allow users to settle stock deals using blockchain technology.
She noted that the industry is presently valued at over $2 trillion, that fresh ETP/ETF inflows are at $50 billion and increasing, and that venture capital firms are investing heavily in crypto/blockchain startups. Because of our strong industry research analysis, market-leading global payments platform, and blockchain experience, B of A is ideally positioned to deliver thought leadership. According to a Bloomberg story published on Thursday, Alkesh Shah of Bank of America’s data and innovation strategy department will oversee a team investigating digital assets.
Michael Maras, who allegedly heads global currencies and commodities research, would report to him, along with Mamta Jain and Andrew Moss of Bank of America Merrill Lynch’s digital innovation department. The volatility of cryptocurrencies such as Bitcoin (BTC) has been questioned by certain Bank of America experts. We do not lend against cryptocurrencies and do not bank firms whose major business is bitcoin or the facilitation of cryptocurrency trading and investment, CEO Brian Moynihan told the Senate Banking Committee in May.
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