Morgan Stanley has delved deeper into crypto after launching a Bitcoin investment tool that is available to millionaires earlier in the year.

Morgan Stanley, the United States’ largest bank, has established a new division for crypto-focused research.

Bloomberg reported Monday that the Wall Street megabank appointed Sheena Shah as its lead cryptocurrency analyst to its dedicated cryptocurrency research group. Shah was Morgan Stanley’s lead currency strategist for G10 currencies, serving the bank for over eight years. She also contributed to its crypto-related research efforts.

Shah’s new role will focus on analysing the impact of cryptocurrency on equities as well as fixed-income investments like corporate bonds and treasury.

Morgan Stanley executives announced the news to their staff in a memo. They stated that the creation of a dedicated team for crypto research was “in recognition of the increasing importance of cryptocurrencies, and other digital assets in international markets.”

As previously reported, Morgan Stanley is pushing into digital assets. It has steadily increased its exposure to Bitcoin ( Bitcoin-investing-for-millionaire clients/amp) through several investments funds by Grayscale Investments. Morgan Stanley introduced a Bitcoin investment tool to millionaire clients in March.

This news comes amid crypto’s rapid growth and traditional finance continues to dive into it. The market value of all cryptocurrency has risen to more than $1 trillion USD in the last year, leaping from $350 billion a year ago to $2.1 trillion as of the time of writing.

Recent efforts by major U.S. banks to create crypto-related units have been swift. Bank of America established a crypto research unit in July. The launch of a dedicated division for digital finance was announced by State Street, the oldest U.S. bank. This year, the Wall Street megabanks JPMorgan as well as Goldman Sachs Group launched crypto trading services.

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