Morgan Stanley, one of the largest banks in the United States, is creating a new research division focused on cryptocurrencies.
The Wall Street megabank has appointed Sheena Shah as the principal cryptocurrency analyst for its dedicated cryptocurrency research team, Bloomberg. reported September 13. Shah job as Morgan Stanley’s lead currency strategist who covered G10 coins for over eight years and contributed to the bank’s cryptocurrency-related research efforts.
In the new role, Shah will focus on analyzing the impact of cryptocurrencies on stocks and fixed income investments such as treasury and corporate bonds.
Announcing the news in a memo to staff, Morgan Stanley executives emphasized that the launch of a dedicated crypto research team “is a recognition of the growing importance of cryptocurrencies and other digital assets in global markets.”
As previously reported, Morgan Stanley has been dabbling in digital assets for the past year, steadily increasing its direct exposure to Bitcoin (BTC) through various investment funds of Grayscale Investments. In March, Morgan Stanley allegedly introduced a Bitcoin investment tool for millionaire clients.
The news comes as the traditional financial industry continues to dive into cryptocurrencies amid the parabolic growth of the cryptocurrency market. The total market value of all cryptocurrencies has added over a trillion dollars over the past year, jump from about $ 350 billion a year ago to $ 2.1 trillion at the time of this writing.
Major U.S. banks have been rushing to establish cryptocurrency-related units recently, with Bank of America establishes crypto research division in July. State Street, the second oldest continuously operating US bank, formerly announced the launch of a division dedicated to digital finance. Wall Street megabanks like it JPMorgan and Goldman Sachs Group also launched cryptocurrency trading services this year.