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Bank of America Dives Deeper Into Crypto by Creating Own Research Team

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Thu, 07/08/2021 - 14:43
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Alex Dovbnya
Bank of America has created a dedicated team for researching cryptocurrencies
Bank of America Dives Deeper Into Crypto by Creating Own Research Team
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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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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.