Candace Browning, head of international research at Bank of America (BoA), said the bank has formed a task force to study blockchain and cryptocurrencies.
Browning named digital assets as one of the fastest growing and emerging industries. BoA has extensive experience with blockchain and is uniquely positioned to further explore this technology, she said.
The creation of a new department, which will exclusively deal with the study of cryptocurrencies, will help the bank to become an “intellectual leader” among other financial institutions. The task force will be led by Alkesh Shah of BoA’s Strategic Development and Innovation Department.
Recall that in 2019, BoA tested distributed ledger technology (DLT) with Ripple, and in May of this year it joined the Paxos blockchain-based securities settlement network. However, when it comes to cryptocurrencies, some BoA analysts have criticized Bitcoin for its volatility.
The bank’s CEO Brian Moynihan said earlier that BoA will not serve digital asset firms.
Now the bank is gradually starting to change its attitude towards the cryptocurrency industry. Perhaps the reason for this was the active “immersion” of other banks in this industry. For example, the American bank JPMorgan is preparing to launch an investment fund for bitcoin, and Goldman Sachs is planning to launch trading in futures and options on Ethereum.