US financial giant Morgan Stanley has launched a new cryptocurrency research division as one of its recent initiatives in the industry, Bloomberg reported on Monday.
According to media reports, Morgan Stanley has appointed the company’s European-based senior currency strategist Sheena Shah as the lead analyst in crypto research. She had covered G10 currencies for more than eight years and had contributed to the bank’s previous efforts towards cryptocurrencies.
The newly formed research department in London will investigate the potential impact of cryptocurrencies on financial products such as equity and pension bonds.
Morgan Stanley’s David Adelman, Juliet Estridge, and Vishy Tirupattur said in the memo:
“The launch of dedicated crypto research is in recognition of the growing significance of crypto currencies and other digital assets in global markets.”
This year, Morgan Stanley has been successful in growing its direct exposure to Bitcoin (BTC) by adding several investments in GrayScale (GBTC) to its portfolio. It is also providing Bitcoin-related funds to institutional clients.
Morgan Stanley is not the only major US bank making large strikes in the crypto industry. Recently, Bank of America also launched its cryptocurrency research division in July.
JPMorgan Chase & Co. and Goldman Sachs Group Inc. have also started offering crypto-futures trading.