Bank of America has built a dedicated cryptocurrency research team, according to a recent Bloomberg report.
Candace Browning, head of BofA Global Research, described crypto as one of the fastest-growing technologies:
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 research team will be spearheaded by Alkesh Shah, a founding member of the bank’s Data & Innovation Strategy Group.
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As reported by U.Today, the second-largest U.S. bank also began settling stock trades on a blockchain in May.
That said, BofA still keeps its crypto investing ban in place, according to CEO Brian Moynihan’s recent congressional testimony:
Currently, we do not lend against cryptocurrencies and do not bank companies whose primary business is cryptocurrency or the facilitation of cryptocurrency trading and investment.
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Yuri Molchan
Vladislav Sopov
Dan Burgin