Bank of America joins race for mainstream crypto adoption

on Jul 9, 2021
  • Bank of America has set up a research team on digital assets and cryptocurrencies.
  • The bank has previously filed a patent application for permissioned blockchain.
  • BOA has now joined other top banks like JPMorgan and Goldman Sachs to adopt cryptocurrencies.

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Bank of America (BOA) is reportedly arranging a team that will look into the possibility of adopting digital assets.

According to a report from Bloomberg, the assembled team will be researching crypto-assets and related technologies.

Bank of America’s head of global research, Candace Browning, commented about the development. He said cryptocurrencies are “one of the fastest-growing emerging technology systems.” As a result, it’s proper that the bank is looking into it, he added.

Browning added that the bank is well-positioned to offer thought leadership because of the strong industry research analysis, its blockchain expertise, as well as its market-leading global payments platform.

BOA joins other megabanks

BOA may be taking its first steps towards cryptocurrencies, the bank is not new to blockchain technology, its respectable cousin. BOA filed a patent application in 2018 for an invite-only or permissioned blockchain. It started employing qualified experts for several blockchain positions in 2019.

Despite its interest in the technology, BOA is still behind other megabanks when it comes to adoption.

Mega financial institutions like Goldman Sachs and JPMorgan are far ahead. The latter recently rolled out its crypto trading desk as it prepares to enter the crypto industry

The tussle for cryptocurrency adoption intensifies

The research team will be headed by Alkesh Shah a BOA veteran and a founding member of its data and innovation strategy group.

Shah has previously led the bank’s global technology specialist team. He will be using his 2 decades of industry experience in technology and research to cover digital assets, global cryptocurrency, and other related ecosystems.

The cryptocurrency industry has received widespread attention over the past year. While the interests have only been within the crypto industry, the mainstream financial institutions are now forced to look into digital assets.

There is increased demand from their clients to offer crypto investment options. Now many banks are expanding into the world of cryptocurrencies.