Morgan Stanley, an American investment banking giant, has reportedly set up a new cryptocurrency based research team.
The launch of a dedicated crypto research team is in recognition of the growing significance of cryptocurrencies and other digital assets in global markets.
The Megabank has appointed its lead currency strategist, Ms Sheena Shah as the head and lead cryptocurrency analyst of its crypto-based research team. She would be responsible for analyzing the impact of cryptocurrencies on equities and fixed-income investments like treasury and corporate bonds.
Ms Sheena Shah has been associated with the bank for more than 8 years now. She has covered G10 currencies and has contributed to the bank’s crypto-related drives as a lead currency strategist.
Morgan Stanley recently introduced an investment tool for millionaire clients interested in Bitcoin. The company is increasing its digital assets base, especially Bitcoin(BTC), through Grayscale Investments.
The bank of America has recently launched a crypto research division this july, since then many American Banks are launching their own crypto teams and research units. Multinational Companies and giants such as State Street, JP Morgan and Goldman Sachs Group have introduced crypto related trading options.
Banks dealing with traditional financing options are gradually expanding into the crypto and digital currency space. The total market value of all cryptocurrencies has added more than a trillion dollars over the past year, jumping from around $350 billion one year ago to $2.1 trillion now.