Bank of America is an American multinational investment bank and financial services company headquartered in Charlotte, North Carolina. It is the second-largest bank holding company in the United States by assets, with total assets of $2.3 trillion as of 2019. Bank of America offers a wide range of banking products and services such as consumer banking, corporate banking, mortgage loans, insurance coverage, credit cards, investments and wealth management solutions to retail customers across its extensive national branch network.
The bank has been involved with cryptocurrency since 2014 when it began allowing users to make bitcoin purchases via their accounts held at other banks or institutions that had partnered with Coinbase (a popular digital currency exchange). In 2017 they became one of the first major US banks to provide direct access to customers wanting to trade Bitcoin futures contracts on CME Group’s exchanges through Merrill Edge platform – this allowed investors who already had a Bank Of America account easy access into crypto markets without needing additional accounts elsewhere. They have also recently announced plans for further expansion into blockchain technology which may include offering more trading options for cryptocurrencies within their online platforms in future years ahead.
In 2020 however due to global economic volatility brought about by COVID-19 pandemic – BofA elected not offer new cryptocurrency related services citing risks associated with virtual currencies like security issues & price volatility among other factors – despite still actively researching potential use cases for distributed ledger technologies such as blockchain inside its operations going forward.
