Cryptocurrency

BofA establishes market research team for cryptocurrencies

Wall Street banking giant Bank of America (BofA) is building a new market research team to cover the cryptocurrency market. According to Bloomberg’s report, the new team to be established will be led by Alkesh Shah, who joined the bank in 2013. Bank of America global research leader Candace Browning said: “Cryptocurrencies and digital assets make up one of the fastest growing emerging technology ecosystems. “We are in a unique position to provide opinion leadership, thanks to our strong industry research team, market head global payments platform, and blockchain expertise.”

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Has lots of blockchain related patents

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This breakthrough by BofA comes with the increasing interest of banks in the crypto space lately. Goldman Sachs and Citigroup have announced attempts to open Bitcoin for wealthy private wealth clients in the past months. However, a number of cryptocurrency firms are entering the public markets, which will eventually increase demand for research involving firms in the sector. Bank of America is not new to the cryptocurrency space, as it was previously tied to Paxos’ blockchain payment platform. In addition, the bank has dozens of its own patents related to blockchain.

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