According to a Bloomberg statement, Bank of America (BoA), the second largest bank in the United States, has officially created a team dedicated exclusively to researching cryptocurrencies.
In fact, Alkesh Shah of the data strategy and innovation group at Bank of America (BoA) will lead this initiative, Shah joined the bank in 2013. Indeed, it will cover technologies linked to cryptocurrencies. Results should also be reported to Michael Maras.
Specifically, along with Mamta Jain and Andrew Moss, of the Merrill Lynch digital innovation group of Bank of America will brief Michael Maras. Who oversees forex and commodities research worldwide.
Bank of America creates a cryptocurrency team
In short, through the Bloomberg statement, Candace Browning, head of global research at Bank of America expressed:
«Cryptocurrencies constitute one of the emerging technology ecosystems other rapid growth».
He also highlighted the importance for the BoA of leadership and expansion in the crypto market and Blockchain:
«We are uniquely positioned to provide thought leadership because of our robust industry research analysis. Also, our market-leading global payment platform and Blockchain expertise».
Cryptocurrencies are not very well viewed
Indeed, for some Bank of America analysts, cryptocurrencies are not very well regarded given their volatility. However, with this new division taking steps towards the adoption of this industry, it comes at the moment that banks have become more fully immersed in the world of cryptocurrencies.
In fact, Bank of America CEO Brian Moynihan told the U.S. Senate Banking Committee in May: “Currently, we do not lend against cryptocurrencies and we do not bank companies whose main business is cryptocurrencies or the facilitation of trading and investing in them».
BoA joins Paxos
For its part, it is not Bank of America’s first approach to the crypto ecosystem. Last May, it was reported that it had joined Paxos Blockchain Stock Settlement. Which allowed clients to use Blockchain technology to settle trading.
In this way, BoA became the third bank to test Paxos settlement service.
Finally, the BoA’s latest efforts could mean that the entity is changing its stance around cryptocurrencies. But, at the moment few details are known about the Bank of America initiative.
What do you think that Bank of America has launched a crypto team? Let it know in the comment box.
I retire with this phrase of Mao Tse Tung: “The research resembles the long months of gestation, and the solution of the problem to the day of birth. Investigating a problem is solving it».
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