Bank of America has become the latest major bank to enter the cryptocurrency field. According to an internal memo, the bank has created a team specializing in cryptocurrency. Bank of America believes that it is “in a unique position to provide thought leadership” in terms of cryptocurrency and the technology behind it.
- According to an internal memo seen by Bloomberg, Bank of America (BOFA) established a new team to specialize in cryptocurrency. A spokeswoman for the bank confirmed the contents of the memo.
- The new encryption team will be led by Alkesh Shah, a founding member of the Bank of America’s Data and Innovation Strategy Group. It will report to Michael Maras, who leads the bank’s global fixed income, currency and commodities research. In addition to cryptocurrency, the team will also cover technologies related to digital currency.
- Candace Browning, head of global research at Bank of America, said in the memo:
Cryptocurrency and digital assets constitute one of the fastest growing emerging technology ecosystems. Thanks to our strong industry research and analysis, market-leading global payment platform and our blockchain expertise, we are in a unique position to provide thought leadership.
What do you think of the Bank of America launching a dedicated encryption research team? Let us know in the comments section below.
Image Source: Shutterstock, Pixabay, Wikimedia Commons
Disclaimer: This article is for reference only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. The company or the author shall not bear direct or indirect responsibility for any damage or loss caused or claimed to be caused by using or relying on any content, goods or services mentioned in this article.