Morgan Stanley Launches Cryptocurrency Research Team

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2021-11-24 00:40:01

Morgan Stanley, one of the largest banks in the United States, is setting up a new crypto-focused research division.

The prominent Wall Street bank has appointed Sheena Shah as the lead crypto analyst for its dedicated crypto research team, (Bloomberg reported on Monday). Shah has worked as Morgan Stanley’s lead currency strategist on G10 currencies for over eight years and contributes to the bank’s crypto-related research efforts.

In his new role, Shah will reportedly focus on analyzing the impact of cryptocurrencies on stocks and fixed-income investments such as corporate and government bonds.

Announcing this news to all employees, the Morgan Stanley executive emphasized that the launch of a dedicated crypto research team “aims to recognize the growing importance of cryptocurrencies and other financial assets.” other digital products in the global market”.

As previously reported, Morgan Stanley has been pushing hard into digital assets over the past year, gradually increasing its direct exposure to Bitcoin (BTC) through several Grayscale Investments investment funds. In March, Morgan Stanley introduced a Bitcoin investment channel to its multi-millionaire clients.

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The news comes as the traditional finance industry continues to delve into crypto amid a parabolic bull market. The total market value of all cryptocurrencies has increased by more than $1 trillion over the past year, jumping from around $350 billion a year ago to $2.1 trillion at press time.

Major U.S. banks have been rushing to set up crypto-related units recently, with Bank of America setting up a crypto research department in July. State Street, the United States’ second oldest continuously operating bank, previously announced the launch of a dedicated digital finance division. Major Wall Street banks JPMorgan and Goldman Sachs Group have also launched crypto trading services this year.

The source: cointelegraph

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