The digital assets economy is on the rise and several traditional financial institutions are hoping to get into it as well. As Coinbench previously reported, The Nigerian SEC set up a research division on digital assets in September.
This wave of research has also hit America. Bank of America, one of the biggest financial service providers in the United States, publicized its intention to set up a research team with laser focus on demystifying the digital assets economy.
According to the spokesmen of the bank, thorough research on digital assets is necessary to match up with the contemporary development of finance services and investment. The Bank created this team upon the publication of a paper entitled “Digital Assets Primer: Only the first inning.”
The digital assets economy reportedly represents more than 2 trillion market value. At the moment, it has more than 200 million users all over the globe. These users comprise of both individuals and even corporate institutions. Therefore, digital assets are an integral part of the financial market.
Thus, the research team hopes to explore the intersection of Central Bank Digital Currencies, Smart contracts, Crypto,Non-Fungible Token. More importantly, the team hopes to research well on the modus operandi of Blockchain; the underlying infrastructure of digital assets.
Alkesh SHAH, the Global Head of Cryptocurrency and Digital Asset Strategy at BOA, remarked that the digital assets economy is beyond Bitcoin that most people know. Hence, the onus of the research team is to navigate the core of blockchain technology and its applications across several ecosystems.
Read more: Turkey Sets Up A Research Team For Its CBDC.