Candace Browning, the bank’s head of worldwide research, referred to bitcoin as “one of the fastest growing emerging technology ecosystems.” according to her description.
According to reports, a new team at the second-largest bank in the United States will be committed solely to cryptocurrency research and development.
According to a report published on Thursday by Bloomberg, Alkesh Shah, a member of Bank of America’s data and innovation strategy group, will be in charge of directing a team that will investigate digital assets.
Mamta Jain and Andrew Moss of Bank of America Merrill Lynch’s digital innovation group will report to Michael Maras, who is said to be in charge of global currencies and commodities research.
“Cryptocurrencies and digital assets constitute one of the fastest growing emerging technology ecosystems,” said Candace Browning, Bank of America’s head of global research. “We are uniquely positioned to provide thought leadership due to our strong industry research analysis, market-leading global payments platform and our blockchain expertise.”
Cryptocurrencies such as Bitcoin (BTC) have been criticised for their high volatility by several Bank of America analysts.
“We do not lend against cryptocurrencies and do not bank companies whose primary business is cryptocurrency or the facilitation of cryptocurrency trading and investment.” stated CEO Brian Moynihan in testimony before the United States Senate Banking Committee in May.
However, in recent months, the bank has made a few tiny actions that appear to go in the direction of adoption. According to a storey published in May, the bank had joined the Paxos Settlement Service, which would allow users to settle stock deals using blockchain technology.
