A new internal memo shows Bank of America Corporation is increasingly interested in the cryptocurrency industry.
Candace Browning, head of global research at Bank of America, says in the memo that the bank is dedicating more resources to investigating cryptocurrencies and digital assets, reports Bloomberg.
“Cryptocurrencies and digital assets constitute one of the fastest-growing emerging technology ecosystems.
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 firm is putting together a team focused on researching cryptocurrencies.
Bank of America founding member Alkesh Shah will lead the effort and report to Michael Maras, who leads fixed-income, currencies and commodities research globally.
Bank of America has been involved with crypto before, previously working with digital payments firm Ripple as part of its global payments network.
Bank of America is one of many financial giants that’s taking an interest in the digital asset space. JPMorgan began offering Bitcoin exposure to its wealthiest clients in April, following Morgan Stanley’s decision to do the same in March.