Bank of America (BOA) is already organizing a team to look into the possibility of adopting digital assets.
According to a Bloomberg report, the team will investigate cryptocurrencies and all related technologies.
Candace Browning, head of global research at Bank of America, commented on the development. He said cryptocurrencies were “one of the fastest growing emerging technology systems.” As a result, it is right for the bank to look into them, he added.
Browning added that the bank is able to gain a leading position due to its strong analysis in industrial research, its blockchain know-how, as well as its leading global payment platform.
BOA may be taking its first steps toward cryptocurrencies, but it is not new to blockchain technology. The BOA applied for a patent in 2018 and began hiring specialized experts in various blockchain positions in 2019.
Despite its interest in technology, BOA is still lagging behind other megabanks in adopting cryptocurrencies. Major financial institutions such as Goldman Sachs and JPMorgan are far ahead. The latter recently introduced a new cryptocurrency exchange office as it prepares to enter the cryptocurrency industry.
The effort to adopt cryptocurrencies is intensifying.
The research team will be led by Alkesh Shah, a BOA veteran and founding member of the Strategic Data and Innovation Team. Shah had previously led the bank’s global technology team. It will use its 2 decades of industry experience in technology and research to cover digital assets, global cryptocurrencies and other related ecosystems.
