Morgan Stanley has launched crypto research team
The United States largest bank, Morgan Stanley, reportedly sets up a research division focused on cryptocurrencies and other digital wallets.
For its crypto project, the megabank has appointed analyst Sheena Shah in the Lead position, according to a Bloomberg report. Shah has previous work experience of eight years with Morgan Stanley as a Lead Currency Strategist covering G10 currencies and, more recently, with the American bank’s cryptocurrency-related research initiatives.
As per her new role, Shah will now concentrate on analyzing the potential impacts of digital wallets on fixed-income investments like treasury and corporate bonds, as well as their effect on equities.
In its official memo announcement to the staff, Morgan Stanley’s senior executives emphasized the importance of the “growing significance of cryptocurrencies” as well as “digital assets in global markets”, citing the same as the reason for the launch of this upcoming division.
The bank had earlier been reported to push its digital assets in the last one year, especially when it started growing its direct exposure to Bitcoins via investment funds in Grayscale Investments.
In March 2021, the US bank was reported to introduce a Bitcoin investment tool for its huge base of millionaire clients.
The news comes around at a time when there is a parabolic growth of cryptocurrency markets as traditional financial institutions are increasingly diving into the crypto stream.
The total market value of crypto markets has already added over $1 trillion in the last one year, rising up from $350 billion a year back to $2.1 trillion now as the news is written.
All the major banks of the United States have been rushing to integrate crypto into their payments streams, the most recent of which has been Bank of America that set up its crypto-related research department in July 2021. The second-oldest bank in terms of operation, State Street, has also announced a dedicated digital finance division.
According to reports, JPMorgan and Goldman Sachs Group are also in talks of rolling out crypto trading services this year.