Bank of America varieties a cryptocurrency analysis group

Candace Browning, the bank’s head of worldwide analysis, described cryptocurrencies as “one of the fastest growing emerging technology ecosystems.”

As reported Thursday by Bloomberg, Alkesh Shah of Bank of America’s information approach and innovation staff will lead a analysis staff on digital assets. Along with Mamta Jain and Andrew Moss of Bank of America Merrill Lynch’s digital innovation staff, he will report to Michael Maras, who is stated to oversee worldwide currency and commodity analysis.

Candace Browning, head of worldwide analysis at Bank of America, stated:

“Cryptocurrencies and digital assets constitute 1 of the quickest expanding emerging technologies ecosystems. We are uniquely positioned to deliver believed leadership thanks to our robust market analysis examination, industry-foremost worldwide payments platform and our blockchain experience.

Some Bank of America analysts have criticized cryptocurrencies this kind of as Bitcoin for their volatility. When chief executive Brian Moynihan testified ahead of the US Senate Banking Committee in May, he shared:

“We do not lend to cryptocurrencies and we do not lend to banking companies whose main business is cryptocurrencies or facilitating cryptocurrency trading and investing.”

However, the financial institution has taken some seemingly little measures in the direction of adoption in current months. In May, a report claimed the financial institution had joined the Paxos Payment Service, which permits consumers to use blockchain technologies to settle securities transactions.

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