Bloomberg reported Monday that Morgan Stanley is establishing a dedicated cryptocurrency research team, citing an internal memo to workers viewed by the news organization.
The team, led by Sheena Shah, the firm's chief cryptocurrency analyst, will carry global research on the influence of cryptocurrencies on equities and fixed income.
The company stated,
"The launch of dedicated crypto research is in recognition of the growing significance of cryptocurrencies and other digital assets in global markets."
Shah will be based in London and report to Adam Wood, the European head of Morgan Stanley's fintech and payments research division. Additionally, she will report to James Faucette, responsible for the firm's fintech and payments research in the United States.
Morgan Stanley was one of the first significant investment firms to accept bitcoin as a payment method. The business launched three bitcoin ETFs for its clients in March. The company introduced bitcoin to the investing strategy of 12 mutual funds in April.
Like Bank of America (BofA), several other large financial institutions, which launched a cryptocurrency research group in July, have also founded specialized cryptocurrency teams. Last Monday, asset management firm Franklin Templeton advertised a position for a bitcoin "investment research analyst."
An increasing number of investment banks have begun to offer cryptocurrency services to their clients or are in the prospect of doing so. Goldman Sachs, Citigroup, Standard Chartered, Wells Fargo, and DBS are among them.