- The new operation will be run by Alkesh Shah, who previously led the firm's Global Technology Specialist team, according to a memo obtained by Insider. Bloomberg was first to report.
- "Cryptocurrencies and digital assets constitute one of the fastest growing emerging technology ecosystems," the memo said.
- Joining Shah's team are Mamta Jain and Andrew Moss.
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Bank of America is 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, according to a memo obtained by Insider. Bloomberg was first to report. Shah will report to Michael Maras, the head of global fixed-income, currency, and commodity research for BofA.
The memo, dated July 8, was written by Candace Browning, head of global research, and addressed to Merrill Lynch Wealth Management employees and partners.
"Cryptocurrencies and digital assets constitute one of the fastest growing emerging technology ecosystems," Browning said, adding that the sector is currently valued at about $2 trillion.
She continued: "We are uniquely positioned to provide thought leadership due to our strong industry research analysis, market-leading global payments platform and our blockchain expertise."
Shah, who has 20 years of experience in technology and research, will cover global cryptocurrency, digital assets, and the related ecosystem, Browning said. He joined the bank in 2013 from Morgan Stanley and Lehman Brothers. He holds a BA from Cornell University and an MBA from Columbia Business School.
Joining his team are Mamta Jain - who has past experience in mobile and digital strategy for global banking and markets - and Andrew Moss, a vice president in the BofA's data and innovation group.
The latest move by Bank of America comes after Goldman Sachs has already offered services related to cryptocurrency.