Bank of america`s new crypto reseach team was inevitable as intitutional adoption skyrockets.
Bank of america`s new crypto business unit will be run by Alkesh Shah, who led the company`s global technology team previously .
Shah reported to Michael Maras, director of global bond, currency and commodity research at BofA that “ digital assets and cryptocurrencies are of the fastest growing ecosystems in technology,” . This sector is currently valued at approximately $ 2 billion.
With 20 years of technical and research experience, Shah focuses on global cryptocurrencies, digital assets and related ecosystems.
In 2013 he moved to Morgan Stanley and Lehman Brothers banks. His team is joined by Mamta Jain, who has experience in developing mobile and digital strategies for global markets and banks, and Andrew Moss, VP of data at BofA.
Bank of America`s latest move by Innovation Group comes after Goldman Sachs provided cryptocurrency-related services.
This comes as no surprise seeing rising institutional interest and banks involvement in this fast growing field.