Cryptocurrencies are new and banks still feel the need to do their due diligence on the subject. This could be for investment purposes, for the sake of making their own currency, or maybe for learning about blockchain. Recently, the number of banks that have started to show interest in crypto by offering services has increased drastically. In fact, many are even setting up their own research team. And the newest contender is Bank of America as it starts crypto research by formulating a dedicated team for the same.
Bank of America starts crypto research
The research team set up by Bank of America will be beneficial for the future of cryptocurrencies. The bank thinks they will be able to lead others with the knowledge they learn about crypto. Do note that the set-up of the new teams and their crypto search efforts were not announced by the banks themselves. It was leaked as the internal memo of the company was shared by Bloomberg.
According to the memo, the crypto research team of the bank will be lead by Alkesh Shah who is also the founding member of the data and innovation strategy group of the bank. Their primary goal will be to do a deep dive into the various cryptocurrencies and the technologies that are used behind them. The research team will report back to Micahel who overlooks currency and commodity research.
Why is this necessary?
As the popularity of crypto increases, we are seeing more and more banks offering crypto services. I am pretty sure that the Bank of America would not want to be left behind. This is why they are doing their own due diligence before offering any such services to their customers (just to be on the safe side). At the same time, being one of the major banks in the US their findings will be beneficial for investors and other banks. They have addressed the fact that crypto is one of the fastest-growing technology right now. And that makes it really important to learn about it.
What are your thoughts on Bank of America making its own crypto team as it starts its own research? And do you think they will be able to provide some quality insights on the subject? Let us know in the comments below. Also, if you found our content informative do like and share it with your friends.