Morgan Stanley creates market analysis team for cryptocurrencies
US bank Morgan Stanley created a new division focused on analyzing the cryptocurrency market. According to Bloomberg, the division, created on Monday (13), will have Sheena Shah as chief analyst.
The new division will focus on integrating cryptocurrency research with other sectors, such as equities and investment funds. In this sense, Shah and his team should analyze how cryptocurrencies relate to and impact these sectors.
“The launch of the analytics division dedicated to cryptocurrencies is in recognition of the growing importance of these currencies and other digital assets in global markets,” said Juliet Estridge, David Adelman and Vishy Tirupattur, members of the analytics team.
Shah worked as a currency strategist for Morgan Stanley. In the role, the executive covered the 10 largest currencies in the world for more than eight years. Additionally, Shah also contributed to the bank’s other work involving cryptocurrencies.
Among the largest banks in the US, Morgan Stanley is one of those that have launched the most cryptocurrency products. The bank has already launched Bitcoin investment funds (BTC) for its institutional clients.
In addition, the bank would have been interested in acquiring part of the South Korean exchange Bithumb. However, the acquisition has not been confirmed at the time of writing this text.
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- Visa CEO says he’s smart enough to invest in Bitcoin now
- Russia central bank says bitcoin is a financial pyramid: “your money will be taken away”
If the bank offers services in cryptocurrencies, it is also interested in exposing itself to them as an investment.
The bank acquired around 28 thousand shares of Grayscale Bitcoin Trust (GBTC), a BTC fund aimed at institutional investors. The investment made by Morgan Stanley was worth $ 240 million.
Now, major US banks are rushing to establish cryptocurrency-related units. Bank of America recently established its research division a few months after they criticized the BTC in a report.
State Street, the second-oldest operating bank in the US, previously announced the launch of a dedicated digital finance division.
Finally, giants like Megabanks, JPMorgan and Goldman Sachs also launched services for trading cryptocurrencies this year. And like Morgan Stanley, Wells Fargo has also created a cryptocurrency fund aimed at big investors.