Morgan Stanley, one of the largest banks in the United States, is setting up a new research department focused on cryptocurrencies.
A major Wall Street bank has appointed Sheena Shah as the chief cryptocurrency analyst for Bloomberg, its dedicated cryptocurrency research team Report on Monday.Shah Worked As the chief currency strategist of Morgan Stanley, he has covered G10 currencies for more than eight years and contributed to the bank’s crypto-related research work.
According to reports, in his new position, Shah will focus on analyzing the impact of cryptocurrencies on stocks and fixed-income investments such as government bonds and corporate bonds.
Morgan Stanley executives announced the news in a memo to employees, emphasizing that the establishment of a dedicated encryption research team “is a recognition of the increasing importance of cryptocurrency and other digital assets in the global market.”
As previously reported, Morgan Stanley has been entering the field of digital assets in the past year, steadily increasing its direct exposure to Bitcoin (Bitcoin) pass through Several investment funds under Grayscale Investments. In March, Morgan Stanley Reportedly launched a Bitcoin investment tool For millionaire customers.
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When the news came out, the traditional financial industry continued to get involved in the cryptocurrency field despite the parabolic growth of the cryptocurrency market. In the past year, the total market value of all cryptocurrencies has increased by more than $1 trillion, jump From about 350 billion US dollars a year ago to 2.1 trillion US dollars at the time of writing.
Major U.S. banks have recently been eager to establish crypto-related departments, among which Bank of America establishes crypto research department In July.State Street Bank is the second largest continuously operating bank in the United States. Announced the establishment of a dedicated digital financial department. Wall Street Bank JPMorgan And Goldman Sachs also Launched encrypted transaction service This year.