Bank of America launches analysis protection for digital property

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Oct 4 (Reuters) – Bank of America Corp (BAC.N) revealed its first analysis protection centered on cryptocurrencies and different digital property on Monday, becoming a member of different mainstream monetary establishments as they strengthen their involvement with the asset class.

The transfer, earlier reported by Bloomberg News, was confirmed later by a BofA spokesperson.

The “digital asset universe is too large to ignore,” the financial institution’s new cryptocurrencies and digital property crew stated in its report.

The crew, appointed in July, is headed by insider Alkesh Shah, a former know-how analyst, the financial institution stated.

Despite wild value swings, digital property comparable to bitcoin have seen a broad institutional curiosity this yr, with massive Wall Street banks comparable to Goldman Sachs Group Inc (GS.N) having restarted their crypto buying and selling desk.

Reporting by Niket Nishant in Bengaluru; Editing by Shinjini Ganguli

A Bank of America building is seen in Los Angeles, California, U.S., May 6, 2019. REUTERS/Lucy Nicholson/Files