Morgan Stanley, one of the largest banks in the United States, is building a new crypto-focused research division.

Wall Street megabank has named Sheena Shah as lead crypto analyst for their dedicated crypto research team, Bloomberg reported on Sept. 13. Shah has worked as a strategist, Morgan Stanley’s leading currency expert on G10 currencies for over eight years, and contributes to the bank’s crypto-related research efforts.

In his new role, Shah will reportedly focus on analyzing the impact of cryptocurrencies on stocks and fixed income investments like government bonds and corporate bonds.

Announcing this news in a memo to employees, Morgan Stanley executives stressed that the establishment of a dedicated crypto research team is “in recognition of the growing importance of cryptocurrencies, electronic and other digital assets in the global marketplace.”

As previously reported, Morgan Stanley has pushed heavily into digital assets over the past year, gradually increasing its direct exposure to Bitcoin (BTC) through several Grayscale Investments mutual funds. In March, Morgan Stanley introduced a bitcoin investment tool for multimillion dollar customers.

Related: Wells Fargo Profile for Bitcoin Fund

The news comes as the traditional financial industry continues to grapple with crypto amid a parabolic bull market. The total market value of all cryptocurrencies rose more than $ 1 trillion in the past year, from about $ 350 billion a year ago to $ 2.1 trillion at press time.

Major U.S. banks have been rushing to set up crypto-related entities recently, with Bank of America setting up a crypto research division in July. State Street, the second oldest continuously operating bank in the United States, had previously announced the launch of its own digital finance division. Big Wall Street banks like JPMorgan and Goldman Sachs Group also launched crypto trading services this year.