Bank of America (BofA) has announced research coverage for digital assets as part of a strategy to accelerate its presence in the increasingly important asset class.

The bank published its first report entitled “Digital Assets Primer: Only the first inning”, which was led by BofA Global Cryptocurrency and Digital Asset Strategy head Alkesh Shah.

Digital assets are estimated to have over $2 trillion market value with more than 200 million users.

BofA global research head Candace Browning said: “Digital assets are transforming the way in which markets, businesses and central banks operate.

“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.”

According to BofA, the primer offers an investment framework for the digital asset landscape, by analysing various elements and facets.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

These include tokens that act like operating systems, applications powered by smart contracts, stablecoins pegged to fiat currencies, central bank digital currencies that could replace money and non-fungible tokens that connect creators and fans.

Shah said: “Bitcoin is important, 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, including bitcoin, continue to attract the interest of institutional investors.

In February this year, American investment manager BNY Mellon launched a new enterprise Digital Assets unit to speed up the development of enterprise solutions to serve the digital asset space.

Last year, Goldman Sachs appointed Mathew McDermott as its new global head of digital assets as it eyes the development of its own fiat-tied token.