Bank of America is the most recent major bank that decided to explore the crypto world as, according to an internal memo, a team was created in order to research crypto. Bank of America feels that it is “uniquely positioned to provide thought leadership” on crypto and the technology used for it.
The content of the memo was confirmed as being true by a spokeswoman for the Bank of America.
Alkesh Shah will be in charge of the crypto team – he is known for being a founding member of the Data & Innovation Strategy Group at Bank of America.
Aside from crypto, the team is also focused on studying technologies related to digital currencies.
“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,” declared the head of Bank of America’s global research, Candace Browning, in the memo.
The number of investment banks that have decided to explore crypto is growing, meaning Bank of America is joining the likes of DBS, Goldman Sachs, Citigroup, Morgan Stanley, and Wells Fargo.