Bank of America has included 23 additional stocks to its equities crypto research list that might experience growth in market value from exposure to cryptocurrencies. The new list includes firms ranging from social media corporations to payment providers, depicting the increasing reach of digital assets.
The new firms are MasterCard, Hewlett-Packard Enterprise, Infosys, Oracle, Tesla, Taiwan Semiconductor, Visa, American Express, Accenture, Applied Materials, Advanced Micro Devices, J.B. Hunt Transport Services, NVIDIA, Procter & Gamble, Twitter, Workday, Viacom, IBM, HDFC Bank, Facebook, Avery Dennison, FedEx, and Microsoft.
After about three months of gathering its crypto team, the US’s second-largest bank launched its crypto research group two weeks ago. The group listed large corporations from various sectors which have significant levels of exposure to cryptocurrencies.
Commenting on the importance of the research, Candace Browning, head of BofA Global Research, hailed the transforming power of crypto in finance. He further explained that the inclusion of virtual asset research would strengthen the expanse of the bank’s investment offerings.
According to Alkesh Shah, head of the research group, the study aims to “explore the implications across industries.” With 200 million+ holders and a market capitalization of $2 trillion+, the group asserts that the crypto world has grown to a size that can’t be overlooked. This move by the bank’s crypto group increases the total number of companies under watch to 43.
Bank of America, one of the leading financial institutions in the world, serves a wide range of clients—governments, institutions, and individuals. The company offers its services to clients in about 35 countries, from its headquarter in Charlotte, North Carolina.