Commonwealth Bank of Australia recognizes risks in missing out on crypto

The CEO of Commonwealth Bank of Australia (CBA), the country’s largest bank, sees big risks in not participating in cryptocurrency. “We see risks in participating, but we see bigger risks in not participating,” he explained. Crypto FOMO, Banks Need to Get Involved, Says CEO of Commonwealth Bank Commonwealth Bank of Australia CEO Matt Comyn talked about the fear of missing out (FOMO) when it comes to bitcoin and cryptocurrency in an interview with Bloomberg Television in Sydney Thursday. Commonwealth Bank, or Commbank, is an Australian multinational bank with....

The Commonwealth Bank of Australia (CBA), the country’s biggest bank, is providing customers with the ability to buy, sell, and hold crypto assets directly through its app. The bank has partnered with crypto exchange Gemini and blockchain analytics firm Chainalysis to provide crypto services. Commonwealth Bank Begins Offering Crypto Services Commonwealth Bank (CBA), also known as Commbank, announced Wednesday that “it will become Australia’s first bank to offer customers the ability to buy, sell and hold crypto assets,” which will be directly through....

The Commonwealth Bank of Australia is on the verge of becoming one of the first banking institutions in the world to use the Ripple network. The plas to adopt Ripple network for payment settlements between its subsidiaries was announced by David Whiteing, the Chief Information Officer of Commonwealth Bank of Australia. He was speaking at an even hosted by AIIA (Australian Information Industry Association). With this announcement, the Sydney based bank has surpassed its rivals in London, Hong Kong and New York to become the first one to make use of a digital currency network. Some of the....

The CEO of Commonwealth Bank of Australia recently spoke about the importance of innovation in the banking industry and how Bitcoin technology may grow to disrupt the industry in the future. The evolution of Bitcoin technology from being just a ledger to the next big innovation in the fintech sector has waken up the finance giants. Banking majors like the Commonwealth Bank of Australia (ASX:CBA) have come to realize the importance of constant innovation, and how it may affect the long time survival of the institution. The banking sector has been dependent on legacy systems for too long.....

Analysts believe that a ‘wave of decentralization’ is approaching, thanks to exponential growth in blockchain adoption across the globe. Multiple sectors, particularly the financial ones, are converging to adapt the underlying technology behind cryptocurrency, aka ‘blockchain.’ Interestingly, the federal authorities are certain about blockchain adoption, but they are wary of crypto as an investment class. While digital assets have become a global phenomenon, they have received brutal scrutiny from global watchdogs. Regions such as China and the United States, including several....