According to Bloomberg’s report, the new team to be established will be led by Alkesh Shah, who joined the bank in 2013.
“Cryptocurrencies and digital assets make up one of the fastest growing emerging technology ecosystems,” said Candace Browning, head of global research at Bank of America. “We are in a unique position to provide thought leadership with our strong industry research team, market-leading global payments platform and blockchain expertise.”
He has a large number of blockchain related patents
This move by BofA comes with banks’ increasing interest in the crypto space lately. Goldman Sachs and Citigroup have announced initiatives 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 industry. Bank of America is not new to the cryptocurrency space as it was previously affiliated with Paxos’ blockchain payment platform. The bank also has dozens of its own blockchain-related patents.