The CEO of Bank of America Said He Had no Plans to Provide Crypto Services

Written by C, Fiona

Last updated: 2022-05-31

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The CEO of Bank of America rejected the idea, hoping that customers who offered cryptocurrency services at the bank would be disappointed.

Speaking at the World Economic Forum (WEF) in Davos, Brian Moynihan revealed that the bank currently has no plan to explore cryptocurrency products. He stated his position in an interview with Yahoo Finance and gave a firm “no” to this issue. “According to the regulations, we are not allowed to participate,” he said. Moynihan claimed that financial institutions did not miss the cryptocurrency boom because it had its own things.

The Bank is Committed to Blockchain Technology

“We have hundreds of patents on blockchain. As a process, tool and technology, if you consider the digital flow process of funds, 60% of our consumers have been able to flow funds digitally,” Moynihan said.

He added that the bank was fully digital, but did not need cryptocurrency to provide modern financial services.”Our major task is to help American consumers have a successful financial life,” he said. “Our life planning and financial planning tools started three years ago. That’s what you need to do. Let people learn how to make their money work for them more to help their lives.”

In the past 12 months, Wall Street has seen some institutions turn to cryptocurrencies. In March, Bank of New York Mellon concluded an important cryptocurrency custody transaction for usdc stablecoin. Last year, the bank created a digital asset department to focus on cryptocurrency.

Goldman Sachs has invested in cryptocurrency and now provides a loan mechanism supported by Bitcoin, while JPMorgan Chase has left its mark in the whole cryptocurrency field. The investment bank announced that it was optimistic about digital assets rather than other asset classes, suggesting that it would make a major push in this area.

“We therefore replaced real estate with digital assets and became our preferred alternative asset class together with hedge funds,” the bank said. Its interest in cryptocurrencies came at a time when asset prices fell on a large scale. Bitcoin (BTC) fell below the $30000 mark, and pessimists predicted that the life of the entire ecosystem would be worse. Scott minerd of Guggenheim believes that BTC may fall to $8000 in the winter of cryptocurrency.

Cryptocurrency