Bank of America Launches Crypto Research

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Savings and investment

“Bitcoin is important … but the digital asset ecosystem is much more than that.

Image source: Photo by Tima Miroshnichenko from Pexels

Bank of America, one of Wall Street’s largest banks, has launched research into digital assets as it seeks to grow its crypto trading business.

The bank formed a specialized unit to meet the growing institutional demand for exposure to the crypto ecosystem during the summer of 2021, led by Alkesh Shah, head of global cryptocurrency and digital assets strategy.

“Bitcoin is important,” Shah said, “but the digital asset ecosystem is much more than that. Our research aims to explore the implications across all sectors, including finance, technology, supply chains, social media and games. “

Digital assets, the bank said in a statement, represent a market value of $ 2 billion with 200 million users and have the “potential to transform every industry by improving efficiency and reducing friction between transactions.” .

Bank of America says it views crypto and digital assets more broadly as offering attractive investment opportunities through a “variety of lenses.” These include “tokens that act like operating systems,” apps powered by smart contracts, stablecoins tied to fiat currencies, central bank digital currencies, and non-fungible tokens.

“Digital assets are transforming the way markets, businesses and central banks operate,” said Candace Browning, head of BofA Global Research.

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