American megabank Morgan Stanley recognized the important role that cryptocurrencies and digital assets are playing within global markets.
Morgan Stanley recently announced that it will create a new cryptocurrency research division, with Sheena Shah as its leader. Shah, the current head of Group of 10 currency strategy for Europe, will focus on researching cryptocurrencies globally.
The American megabank wants to know the impact that these digital assets are having within global markets. Likewise, Morgan Stanley pointed out that with the creation of this new research unit it is recognizing the importance of cryptocurrencies and digital assets today.
In her Spanish President Pedro Sánchez’s announcement, published by Bloomberg, Morgan Stanley executives certified the bank's interest in expanding within the cryptocurrency industry, as Wall Street continues its push into digital assets.
«The launch of the research unit is in recognition of the growing importance of cryptocurrencies and other digital assets in global markets»said David Adelman, Juliet Estridge and Vishy Tirupattur of Morgan Stanley.
In March of this year, the New York-based megabank became the first major U.S. bank to offer accessibility to Bitcoin, the most important cryptocurrency in the world.
It may interest you: Bitcoin's historical volatility drops 86%, says JPMorgan
Morgan Stanley and cryptocurrencies
One of Shah's main functions, as principal analyst and leader of the bank's new research unit, is to investigate and analyze the impact that cryptocurrencies and other digital assets have on both equities and fixed income at the global level. worldwide, the bank reported in its statement. These investigations will help Morgan Stanley in formulating new expansion strategies within the crypto industry. As the bank has indicated on previous occasions, the objective is to satisfy the needs of its clients, who demand greater access to the potential of cryptocurrencies every day.
Morgan Stanley's new cryptocurrency research unit will maintain its headquarters in London, United Kingdom, and will report global reports to James Faucette and local reports to Adam Wood, who lead Morgan Stanley's payments and fintech research units in the United States and Europe, respectively.
Expansion in the world of cryptocurrencies
The boom in cryptocurrencies and digital assets is driving more traditional banks and financial institutions to embrace cryptoassets. Morgan Stanley, like other American banks, such as JPMorgan, Bank of America and BNY Mellon, are searching for the best strategies to delve even further into the crypto space, and offer their clients broad access to these digital assets. .
In July, JPMorgan opened the doors to cryptocurrency investment to its wealth management clients through the Grayscale Investment and Osprey Funds crypto investment funds. Since July 19, JPMorgan is offering access to the Grayscale Bitcoin Trust (GBTC), Grayscale Bitcoin Cash Trust (BCHG), Grayscale Ethereum Trust (ETHE), Grayscale Ethereum Classic (ETCG) and the Osprey Funds Bitcoin Trust ( OBTC).
Furthermore, the Bank of America (BofA) created a cryptocurrency research unit in early July, noting that cryptocurrency was one of the most innovative and fastest-growing emerging technology ecosystems today. Likewise, the same month, the BofA announced the approval of Bitcoin futures trading operations for select clients. Goldman Sachs is another of the major American banks that have begun offering futures trading for bitcoins and other cryptocurrencies.
BNY Mellon reported at the beginning of the year that it would begin offering management services for bitcoin, while in July it joined the State Street consortium to offer custody services for crypto assets. CitiGroup, one of the largest financial services companies in the world, also has participation in the world of cryptocurrencies through a business unit especially dedicated to these digital assets.
Continue reading: Citi Group creates business unit dedicated to cryptocurrencies and digital assets
