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U.S. banking giant Morgan Stanley is diving deeper in cryptocurrencies after it set up a new crypto research division.
In a memo to the staff, Morgan Stanley’s executives confirmed that the launch of a dedicated crypto research team “is in recognition of the growing significance of crypto currencies and other digital assets in global markets.”
To lead the cryptocurrency research team, the Wall Street bank has appointed Sheena Shah as lead cryptocurrency analyst, Bloomberg reported.
Until recently, Shah was Morgan Stanley’s lead currency strategist covering G10 currencies for over eight years. During this time she already spend time researching crypto.
Shah’s new role will focus on analyzing the impact of cryptocurrencies on equities and fixed-income investments like treasury and corporate bonds.
Morgan Stanley has gradually been moving into digital assets over the past year. In March, Morgan Stanley introduced Bitcoin investment tool for millionaire clients.
Crypto units with major U.S. banks and traditional financial institutions are becoming the norm rather than exception. Other Wall Street giants like JPMorgan and Goldman Sachs have also rolled out crypto trading services this year.