After launching a Bitcoin (BTC) investment tool for millionaires earlier this year, Morgan Stanley is now delving deeper into the world of crypto.
New research department
Morgan Stanley, one of the largest banks in the United States, is establishing a new crypto-focused research department. Wall Street mega bank has appointed Sheena Shah as lead crypto analyst for its crypto currency research team. According to Bloomberg on Sept. 13. Shah spent more than eight years as Morgan Stanley’s lead currency strategist for G10 currencies. In addition, he contributed to the crypto-related research efforts.
In the new role, Shah will focus on analyzing the impact of cryptocurrencies on equities and fixed income investments such as treasury and corporate bonds.
Morgan Stanley executives announced the news in a memo to staff. They stressed that the launch of a dedicated crypto research team is a recognition of the growing importance of cryptocurrencies and other digital assets in global markets.
A lot of attention to digital assets
Morgan Stanley has paid a lot of attention to digital assets over the past year. In addition, it has increased its direct exposure to Bitcoin through several Grayscale Investments investment funds. In March, Morgan Stanley introduced a Bitcoin investment tool for millionaires.
The traditional financial sector continues to plunge into the crypto world and the crypto market continues to grow. The total market value of all crypto currencies has risen more than a trillion dollars in the past year. It has risen from about $350 billion a year ago to about $2.1 trillion today.
Major US banks have been rushing to set up crypto-related units lately. The Bank of America set up a crypto research department in July. State Street, the second oldest continuously operating US bank, previously announced a dedicated digital finance division. Wall Street mega banks such as JPMorgan and Goldman Sachs Group have also rolled out crypto trading services this year.