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Bank of America has announced launching a cryptocurrency research team as institutional interest in the digital asset space continues to rise.
The new operation will be run by Alkesh Shah, who previously led the firm’s global technology specialist team. Shah, who has 20 years of experience in technology and research, will cover global cryptocurrency, digital assets, and the related ecosystem.
According to Bloomberg, banks have been looking to expand into the world of cryptocurrencies, with many pushing to offer wealth-management products or custody services for the asset class. Some banks, including JP Morgan and Goldman Sachs, have begun offering crypto-futures trading.
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