Bank of America (NYSE:BAC) has published its first research coverage focused on cryptocurrencies and other digital assets.
Bank of America, the second biggest U.S. lender by assets under management, joins other mainstream financial institutions as they strengthen their involvement with cryptocurrencies.
The “digital asset universe is too large to ignore,” the bank's new cryptocurrencies and digital assets team said in its inaugural report. The team, appointed in July, is headed by senior analyst Alkesh Shah, a technology expert, the bank said.
Despite wild price swings, cryptocurrencies such as Bitcoin have seen a broad institutional interest this year, with large Wall Street commercial and investment banks such as Goldman Sachs (NYSE:GS) having restarted their cryptocurrency trading desks.
