Bank of America launches research on digital assets

RIYADH: Bank of America, one of the largest banks on Wall Street, has launched digital asset research as it looks to scale its crypto trading business.

The bank formed a specialized unit to fuel the growing institutional demand for cryptocurrencies during the summer of 2021 led by Alkesh Shah, head of Global Cryptocurrency and Digital Asset Strategy.

“Banks are capitulating one by one, Bank of America is only the latest in a series of major banks to initiate coverage on digital assets or even get involved in the blockchain a la SocGen. And the regulators certainly aren’t ignoring it,” Martha Reyes, head of research at digital asset prime brokerage and exchange BEQUANT, said.