Bank of American is acquiring digital currency exchange platform Currency Exchange in a deal valued at $300 million, the Wall Street Journal reported.
The bank will pay the $30 million valuation for the digital exchange platform, which will work with Bank of Tokyo-Mitsubishi UFJ, according to the report.
The announcement comes two days after the Japanese central bank announced it would be adding more digital currency options to its digital money marketplaces, the WSJ said.
The bank said in a statement that it will work “with the companies that offer the digital currency to support digital assets and financial services” including cryptocurrencies.
A deal with Currency Exchange could also have a big impact on the global exchange market, as banks continue to explore how to best handle digital currencies.
Last month, UBS agreed to buy U.K.-based digital currency platform Kraken for $1.5 billion, a move that could affect global trading.
Last year, a U.S. hedge fund announced it was investing $1 billion in digital currency wallet startup Circle.
And while Bank of England has yet to make a formal announcement on its plans to add digital currency trading to its banking service, it is expected to do so sometime next year, according the Financial Times.
A recent study by the University of Toronto’s Centre for Financial Innovation (CFRI) said digital currencies are a “high-growth” industry with potential to play a major role in the financial system.
The report noted that, even without an official central bank announcement, digital currencies could have an impact on asset management, securities trading and trading for financial institutions.
The Financial Times reported that Bank of Ireland is also planning to add cryptocurrencies to its online banking services.
Bank of Finland is also in the process of considering digital currencies, while the German bank has said it is considering a move to incorporate cryptocurrencies into its payment processing.