Morgan Stanley launches cryptocurrency research team

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Morgan Stanley launches cryptocurrency research team

Morgan Stanley, one of many largest banks in the US, is organising a brand new crypto-focused analysis division.

The Wall Road megabank has appointed Sheena Shah as lead cryptocurrency analyst for its devoted cryptocurrency analysis staff, Bloomberg reported on Monday. Shah worked as Morgan Stanley’s lead foreign money strategist overlaying G10 currencies for greater than eight years and contributed to the financial institution’s crypto-related analysis efforts.

Within the new function, Shah will reportedly give attention to analyzing the affect of cryptocurrencies on equities and fixed-income investments akin to treasury and company bonds. 

Saying the information in a memo to workers, Morgan Stanley’s executives careworn that the launch of a devoted crypto analysis staff “is in recognition of the rising significance of cryptocurrencies and different digital property in world markets.”

As beforehand reported, Morgan Stanley has been pushing into digital property over the previous yr, steadily rising its direct publicity to Bitcoin (BTC) by way of several investment funds by Grayscale Investments. In March, Morgan Stanley reportedly introduced a Bitcoin investment tool for millionaire purchasers.

Associated: Wells Fargo files for Bitcoin fund

The information comes as the standard finance business continues diving into crypto amid the parabolic development of the cryptocurrency market. The overall market worth of all cryptocurrencies has added greater than $1 trillion {dollars} over the previous yr, jumping from round $350 billion one yr in the past to $2.1 trillion on the time of writing.

Main U.S. banks have been speeding to determine crypto-related items lately, with Bank of America setting up a crypto research division in July. State Road, the second-oldest repeatedly working U.S. financial institution, beforehand announced the launch of a dedicated digital finance division. Wall Road megabanks JPMorgan and Goldman Sachs Group additionally rolled out crypto trading services this yr.