Home » Commonwealth Bank of Australia says not participating in the crypto ecosystem is risky

Commonwealth Bank of Australia says not participating in the crypto ecosystem is risky

by v

A plebiscite for cryptocurrencies? One of Australia’s largest banks, the Commonwealth Bank of Australia, believes it is riskier not to participate in the crypto ecosystem, than to invest in it.

More and more major banks are slowly approaching the crypto ecosystem, but few are as vocal as the Commonwealth Bank of Australia. The bank had announced that it would start offering cryptocurrencies to its customers earlier this month. In addition, it confirmed an investment in its partner exchange platform Gemini in the past week.

These initiatives had been noted, and Commonwealth Bank of Australia CEO Matt Comyn was asked about the bank’s crypto strategy in an interview with Bloomberg. He said that when it comes to cryptocurrencies, the biggest mistake would be not to participate in the markets:

We see a lot of interest from clients, but we also see a lot of applicability, and we want to be part of that industry. We see risks in participating, but we also see even greater risks in not participating.

Cautious, Mat Comyn clarifies that Commonwealth Bank of Australia’s interest is limited to the crypto ecosystem, not the asset class itself:

It is important to clarify that we do not have an opinion on the price of the asset itself, as we see it as highly volatile and speculative, but we also do not believe that the sector and technology will disappear soon.

Related Posts

Leave a Comment