Posted 3 weeks ago | by Catoshi Nakamoto
One of the last few major banks to hold out on creating a digital asset market research team, Bank Of America has decided it’s finally time to jump into the space.
Citi Bank, JPMorgan, Morgan Stanley, Wells Fargo, Goldman Sachs, and many others have already established cryptocurrency research teams to better understand the industry or invested in the crypto industry. Now, BOA has announced it will do the same. BOA is the second-largest bank in the United States, with JPMorgan Chase & Co. as the first according to Bank Rate.
As per Bank Rate, Bank Of America holds $2.32 trillion, while JPMorgan holds $3.21 trillion, as of March 2021.
Candace Browning, BOA’s head of global research, defined cryptocurrency as “one of the fastest-growing emerging technology ecosystems.”
According to a Bloomberg report, Alkesh Shah from Bank of America’s data and innovation strategy group will be leading the team looking into digital assets as per a leaked memo shared with the news organization. Shah along with Mamta Jain and Andrew Moss of Bank of America Merrill Lynch’s digital innovation group will report to Michael Maras, who currently oversees the bank’s global currencies and commodities research team.
“Cryptocurrencies and digital assets constitute one of the fastest growing emerging technology ecosystems,” said Candace Browning, Bank of America’s head of global research told Bloomberg. “We are uniquely positioned to provide thought leadership due to our strong industry research analysis, market-leading global payments platform and our blockchain expertise.”
A number of investment banks have begun offering or are in the process of enabling sales of cryptocurrency to their clients. As Bitboy Crypto reported, under a deal through NYDIG and another service called Fiserv, it’s estimated 70% of U.S. banks can now offer their clients the ability to purchase digital assets with the focus on Bitcoin.
Last year, former U.S. Office of the Comptroller of the Currency (OCC) Brian Brooks who is now the head of Binance U.S. gave the ability for banks to custody cryptocurrency for their clients. However, many banks are choosing to use NYDIG for this process rather than go through the requirements to do so safely. Brooks on his way out also gave approval to crypto custodian Anchorage to receive a national trust charter making it the first digital asset bank in the country, as Bitboy Crypto reported.
Now almost every U.S. bank and credit union in the U.S. can offer if they choose the ability to buy BTC for their customers. However, this statement in a previous article has to be repeated and can’t be stressed enough. Always remember, NOT YOUR KEYS, NOT YOUR CRYPTO, and these dinosaur institutions will not let you send your Bitcoin off their platforms to a non-custodial wallet.
This may be bullish for the price, but this is the old financial system grasping on to be a part of the new one by making themselves a middleman, which will allow them to accept fees for their “services.”
Bitcoin is currently being traded at [FIAT: $32,816.71] UP +0.7% in the last 24 hours according to Coingecko at the time of this report.