Bank of America starts coverage of digital assets
Digital assets represent over $2trn market value, with more than 200 million users
Bank of America has launched its digital asset research, providing an investment framework for the digital asset landscape and looking through a variety of lenses.
The American institution said the service will provide data on tokens, applications powered by smart contracts, stablecoins, central bank digital currencies (CBDCs), and non-fungible tokens, with the latter connecting creators and fans.
Digital assets represent over $2trn market value with more than 200 million users. “They have the potential to transform every industry by improving efficiency and reducing friction across transactions. Hundreds of companies are forming within this new ecosystem, creating a new asset class,” said Bofa.
Implications across industries
The launch will come with the publication of a report entitled Digital Assets Primer: Only the first inning, led by Alkesh Shah, head of Global Cryptocurrency and Digital Asset Strategy.
The primer “Bitcoin is important,” explained Shah, “but the digital asset ecosystem is so much more. Our research aims to explore the implications across industries including finance, technology, supply chains, social media and gaming.”
“Digital assets are transforming how markets, businesses and central banks operate,” added Candace Browning, head of BofA Global Research.
“Bank of America offers a market-leading global payments platform and blockchain expertise, and the addition of digital asset research further strengthens the depth and breadth of our offerings for investors,” he said.