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The bank’s head of worldwide research, Candace Browning, described bitcoin as “one of the fastest growing emerging technology ecosystems.”
A new staff at the country’s second-largest bank will allegedly be devoted solely to cryptocurrency research.
According to a Thursday Bloomberg report, Alkesh Shah from Bank of America’s data and innovation strategy group will be leading a team looking into digital assets. He along with Mamta Jain and Andrew Moss of Bank of America Merrill Lynch’s digital innovation group will be reporting to Michael Maras, who reportedly oversees 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.”
Some Bank of America experts have criticised the volatility of cryptocurrencies such as Bitcoin (BTC). “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 a May testimony before the United States Senate Banking Committee.
However, in recent months, the bank appears to have taken some minor moves towards acceptance. In May, it was reported that the bank has joined the Paxos Settlement Service, which would allow users to settle stock deals using blockchain technology.