Bank of America Creates Cryptocurrency Research Team

​Bank of America (BOFA), the second largest banking institution in the US and the eighth largest bank in the world, was reported to have created a new team dedicated to researching cryptocurrencies, according to an internal memo seen by Bloomberg. A spokeswoman for the bank confirmed the contents of the memo.  

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The new crypto team will be led by Alkesh Shah, a founding member of the Data & Innovation Strategy Group at Bank of America. Shah will report to Michael Maras, who leads the bank's global fixed income, currencies, and commodities research. Besides cryptocurrencies, the team will also cover technologies tied to digital currencies.

In the momo, the American multinational investment bank highlights the growing interest in cryptocurrency assets and believes that it is "uniquely positioned to provide thought leadership" on cryptocurrencies and the technology behind them.

Candace Browning, head of Bank of America's global research, said in the memo:"The sector is currently valued at about $2 trillion, inflows to new ETP/ETFs at $50 billion and growing and venture capital firms are making significant investments in crypto/blockchain companies. Bank of America is uniquely positioned to provide thought leadership due to our strong industry research analysis, market-leading global payments platform, and our blockchain expertise. Cryptocurrencies and digital assets constitute one of the fastest-growing emerging technology ecosystems."