Global investment bank Morgan Stanley is establishing a new cryptocurrency research team. The bank said: “The launch of dedicated encryption research is a recognition of the growing importance of cryptocurrencies and other digital assets in the global market.”
Morgan Stanley establishes new research team
According to a Bloomberg report on Monday, Morgan Stanley is setting up a dedicated cryptocurrency research team and cited an internal memo from the bank to employees.
Under the leadership of the company’s chief cryptocurrency analyst Sheena Shah, the team will study the impact of cryptocurrencies on global stocks and fixed income.
Shah will be based in London and will report to Adam Wood, who leads Morgan Stanley’s European financial technology and payments research team.She will also report to James Faucette, who leads the company’s fintech and payments research team in the United States.
The memo states:
The launch of dedicated cryptographic research is a recognition of the growing importance of cryptocurrencies and other digital assets in the global market.
Morgan Stanley was one of the first major investment banks to adopt cryptocurrency. In March of this year, the company provided three Bitcoin funds to its clients. In April of this year, the company added Bitcoin to the investment strategy of 12 mutual funds.
Several other major financial institutions have also established dedicated cryptocurrency teams, including Bank of America (BOFA), which created a cryptocurrency research team in July. Last week, the asset management company Franklin Templeton released a recruitment notice for a cryptocurrency “investment research analyst”.
More and more investment banks have started or are providing cryptocurrency services to customers. They include Goldman Sachs, Citigroup, Standard Chartered Bank, Wells Fargo and DBS Bank.
What do you think of Morgan Stanley’s launch of a dedicated encryption research team? Let us know in the comments section below.
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