Morgan Stanley launches cryptocurrency research team

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

The Wall Street mega-bank has appointed Sheena Shah as a senior cryptocurrency analyst for its dedicated cryptocurrency research team, Bloomberg reported on Monday. Shah worked as Morgan Stanley’s senior currency strategist covering G10 currencies for more than eight years and contributed to the bank’s crypto research efforts.

In the new role, Shah will focus on analyzing the impact of cryptocurrencies on stocks and fixed income investments such as treasury bills and corporate bonds.

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Announcing the news in a memo to staff, Morgan Stanley executives stressed that the launch of a dedicated crypto research team “is in recognition of the growing importance of cryptocurrencies and other digital assets in global markets. “.

As previously reported, Morgan Stanley has branched out into digital assets over the past year, steadily increasing its direct exposure to Bitcoin (BTC) through several Grayscale Investments investment funds. In March, Morgan Stanley reportedly introduced a Bitcoin investment tool for millionaire clients.

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The news comes as the traditional financial industry continues to dive into crypto amid the parabolic growth of the cryptocurrency market. The total market value of all cryptocurrencies has added more than $ 1 trillion in the past year, rising from around $ 350 billion a year ago to $ 2.1 billion at the time of launch. writing.

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